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2 months ago
S.Korea stocks hit record high, financials and techs rally
June 29, 2017 / 2:34 AM / 2 months ago

S.Korea stocks hit record high, financials and techs rally

    * KOSPI hits all time high at 2,402.80
    * Big gains in U.S. banks, techs boosting Seoul stocks
-analyst
    * Won also up on offshore stock-buying

    SEOUL, June 29 (Reuters) - South Korean shares bounced on
Thursday morning and scaled record highs, as tech and financial
shares were boosted by a solid performance in their U.S.
counterparts overnight.
    The Korea Composite Stock Price Index (KOSPI)         was up
0.7 percent at 2,398.10 points as of 0226 GMT after touching
2,402.80, a record intraday high. 
    "Huge gains among bank and tech shares in the United States
are largely pulling up local counterparts as well," said Kim
Ji-hyung, a stock analyst at Hanyang Securities.
    The sub-index for major finance shares         climbed over
2 percent with Hana Financial Group             up 4.2 percent,
while electric and electronics shares         rose nearly 1
percent.
    Kim said signs of a switch toward more tighter monetary
conditions in advanced countries could hurt market sentiment
occasionally, but fairly solid domestic fundamentals should
underpin stocks.
    The Bank of England and the Bank of Canada turned more
hawkish on policy on Wednesday, while European Central Bank
President Mario Draghi opened the door to trimming the ECB's
stimulus.                                       
    Advancing stocks outnumbered declining ones 435 to 345.
    The South Korean won            rose against the dollar
thanks to foreign stock purchases, edging up 0.4 percent at
1,139.2 compared to Wednesday's close of 1,144.0.
    Offshore investors were poised to be net buyers, purchasing
45.4 billion Korean won ($39.90 million) worth of KOSPI shares
near mid-session. 
    September futures on three-year treasury bonds        
gained 0.01 point to 109.28. 
    
                       0226 GMT    Prev close
 Dollar/won             1,139.2       1,144.0
 Yen/won             10.1399/60       10.1311
 *KTB futures            109.28        109.27
 KOSPI                 2,398.10      2,382.56
 * Front-month futures on three-year treasury bonds
    

 (Reporting by Dahee Kim; Editing by Shri Navaratnam)
  

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