Kospi hits new intraday high on hopes of fast economic rebound

South Korea's benchmark stock index hit a new intraday high Thursday on hopes of a quick economic rebound.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.73 points, or 0.33 percent, to 3,274.61 points in the first 15 minutes of trading.

Tech gains led the KOSPI's advance despite lingering market concerns about how soon the US Federal Reserve would start tapering its accommodative policies.

Overnight, the Dow Jones Industrial Average lost 0.21 percent as investors digest the Fed's outlook on the post-pandemic inflation. The tech-heavy Nasdaq Composite edged up 0.13 percent, and the S&P 500 slipped 0.11 percent.

South Korea's consumer sentiment increased for the sixth consecutive month in June, as the country's exports signaled a strong recovery amid progress in COVID-19 vaccinations.

In Seoul, market bellwether Samsung Electronics inched up 0.12 percent, and No. 2 chipmaker SK hynix climbed 0.4 percent.

Internet portal operator Naver added 0.59 percent, while its rival Kakao retreated 1.77 percent. Giant pharmaceutical firm Samsung Biologics decreased 0.23 percent.

Top automaker Hyundai Motor gained 1.86, but leading chemical firm LG Chem declined 0.72 percent.

The local currency was trading at 1,136.95 won against the US dollar, up 0.75 from the previous session's close. (Yonhap)