May 29, 2017 / 1:53 AM / 2 months ago

S.Korea stocks set for 7-day rally following strong Wall Street

2 Min Read

    * KOSPI touches as high as 2,368.96
    * More room for gains, but need to be aware of KOSPI's
technical adjustments -analyst

    SEOUL, May 29 (Reuters) - South Korean shares continued
their seven-day rally to mark another intraday record early on
Monday as Wall Street stocks strengthened after U.S.
first-quarter GDP was revised up from earlier estimates.
            
    Strong investor sentiment offset North Korea's launch of
what appeared to be a short-range ballistic missile earlier in
the day.             
    The Korea Composite Stock Price Index (KOSPI)         was up
0.64 percent at 2370.27 points as of 0119 GMT - topping its
record close at 2,355.30 on Friday.
    "There are not many negative factors in the market for the
KOSPI, and demand seems still strong enough to push the index up
a bit more," said Kim Ji-hyung, a stock analyst at Hanyang 
Securities, althoug he noted the index faced some technical
analysis adjustments after its recent rapid escalation. 
    The KOSPI gained 3.7 percent over the past six sessions, and
16.8 percent for this year.
    Decliners outnumbered advancers 427 to 348.
    Shares of Samsung SDI             rose as much as 4.1
percent on an upbeat outlook for second-quarter earnings.
Chipmaker SK Hynix             gained nearly 2 percent.  
    The South Korean won            held steady at 1,120 against
the dollar, little changed versus the previous close of 1,120.7.
    June futures on three-year treasury bonds         was nearly
flat at 109.48 points.
    
                       0119 GMT    Prev close
 Dollar/won             1,120.0       1,120.7  
 Yen/won                10.0521      10.03190   
 *KTB futures            109.47        109.49  
 KOSPI                  2370.27      2,355.30  
 * Front-month futures on three-year treasury bonds

 (Reporting by Dahee Kim and Cynthia Kim)
  

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