Seoul Shares Set Fresh Record High On Tech, Auto Rally, After Brief Touch Of Above 4,600

SEOUL, Jan 7  (Bernama-Yonhap) --  Seoul shares extended their rally to a fourth day to set a fresh record high on a tech and auto rally Wednesday after briefly landing above the 4,600-point level. The Korean won fell against the US dollar, Yonhap News Agency reported.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 25.58 points, or 0.57 per cent, to close at an all-time high of 4,551.06.

The index briefly topped the 4,600-point mark, touching an intraday high of 4,611.72.

On Tuesday, the KOSPI broke through the 4,500-point threshold on tech gains to end 1.52 per cent up at 4,525.48.

Trading volume was heavy at 548.38 million shares worth 28.83 trillion won (US$19.9 billion), with losers outnumbering gainers 683 to 199.

Foreign investors bought a net 1.25 trillion won worth of stocks, offsetting net selling by institutions and individuals of 938.95 billion won and 294.59 billion won, respectively.

"Record gains in automobiles, semiconductors and shipbuilding stocks helped the KOSPI briefly top the 4,600-point mark during the session and close above 4,500 for a second straight session," Lee Jae-won, an analyst at Shinhan Securities Co., said.

Technology and auto stocks led the gains.

Market behemoth Samsung Electronics rose 1.51 per cent to 141,000 won, while chip giant SK hynix jumped 2.2 per cent to 742,000 won.

Top carmaker Hyundai Motor surged 13.8 per cent to 350,500 won, and its smaller affiliate Kia climbed 5.55 per cent to 129,300 won.

The automakers advanced after Hyundai-owned Boston Dynamics demonstrated its humanoid robot Atlas for the first time at this year's CES tech show Monday (US time).

Leading shipbuilder HD Hyundai Heavy Industries climbed 1.27 per cent to 557,000 won on a series of high-end ship orders.

Among decliners, national flag carrier Korean Air fell 1.78 per cent to 22,100 won, while state-run utility Korea Electric Power Corp. also declined 1.78 per cent to 49,600 won.

Leading refiner SK Innovation dropped 3.77 per cent to 102,000 won, and battery maker LG Energy Solution shed 1.98 per cent to 370,500 won.

The local currency was quoted at 1,445.80 won against the US dollar at 3:30 pm, down 0.3 won from the previous session.

Bond prices, which move inversely to yields, ended higher. The yield on three-year Treasurys fell 3.8 basis points to 2.910 per cent, while the return on the benchmark five-year government bonds declined 5.9 basis points to 3.185 per cent.

-- BERNAMA-YONHAP