Kospi hits another record high for 2017

South Korea‘s benchmark Korea Composite Stock Price Index hit another record high for 2017 Thursday, thanks to individual investors’ buying, offsetting its weak start earlier affected by Samsung’s refusal to reshape corporate structure.

Kospi continued a seven-trading-day rally, closing at 2,209.46 points. It was up 0.07 percent, or 1.62 points from a day earlier, when it crossed the 2,200 mark for the first time in six years. 

The stock market index dropped to 2,199.76 at its lowest mark in the morning, but the losses were completely offset after 2:13 p.m.

Individual investors in total bought 154.9 billion won ($137 million) in shares. Foreign investors purchased 8.3 billion won in stocks, while institutional investors sold 163 billion won stocks.

Trade volume came to 379.7 million shares, worth 6.33 trillion won. Losers outnumbered gainers 452 to 330.

Market bellwether Samsung Electronics set yet another record-high, ending at 2,192,000 won Thursday, up 2.43 percent, or 52,000 won from Wednesday.

The share price began to jump after Samsung Electronics approved plans to cancel 49 trillion worth of treasury shares. The share price hit its intraday low at 2,098,000 won at around 9:05 a.m., upon news that Samsung decided not to create a holding company.

Meanwhile, tech-heavy second-tier stock market Kosdaq dipped 0.63 percent, or 4 points, to end at 631.11.

The local currency weakened against the greenback by 5 won to 1,130.1 won.

By Son Ji-hyoung (consnow@heraldcorp.com)