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S.Korea stocks hit record, extend 2017 rally to over 17 pct
June 9, 2017 / 2:17 AM / a month ago

S.Korea stocks hit record, extend 2017 rally to over 17 pct

3 Min Read

    * KOSPI reach as high as 2,382.59
    * KOSPI is definitely in its upcycle -analyst
    * IT, securities shares boosting the main bourse

    SEOUL, June 9 (Reuters) - South Korean shares hit a fresh
record high on Friday, taking their gains this year to more than
17 percent, as investors snapped up shares of tech and brokerage
firms on expectations of stronger earnings.
    Shrugging off uncertainty over the outcome of the UK
election, the Korea Composite Stock Price Index (KOSPI)        
was up 0.7 percent at 2,280.06 points as of 0200 GMT, after
touching a high of2,382.59. 
    The exit poll for the elections suggested British Prime
Minister Theresa May's Conservatives would fall short of a
majority in parliament, throwing her Brexit plans into disarray.
            
    "Now that the KOSPI is definitely in its upcycle, all other
external factors will have just a short-term effect on the
index," said Cho Byung-hyun, a stock analyst at Yuanta
Securities.
    Information technology and securities shares were the main
drivers for the benchmark index, Cho added.
    The sub-index for electric and electronics         rose
nearly 2 percent, with market heavyweight Samsung Electronics
            up 2.2 percent.
    The securities minor index         jumped over 4 percent.
Samsung Securities             rose 4 percent and NH Investment
& Securities             3.8 percent. 
    Foreign investors were set to be small net sellers,
offloading 8.7 billion Korean won ($7.77 million) worth of KOSPI
shares near mid-session. 
    Advancers outnumbered decliners 426 to 381. 
    The South Korean won            was also higher at 1,119.4
to the dollar, up 0.2 percent compared to Thursday's close of
1,122.1. 
    June futures on three-year treasury bonds         gained
0.01 point to 109.65. 
    
                       0200 GMT    Prev close
 Dollar/won             1,119.4       1,122.1
 Yen/won             10.1524/88       10.1868
 *KTB futures            109.65        109.64
 KOSPI                 2,380.06      2,363.57
 * Front-month futures on three-year treasury bonds
    

 (Reporting by Dahee Kim; Editing by Kim Coghill)
  

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