More Kospi stocks notch up yearly highs

More major stocks on South Korea’s top bourse jumped into the 52-week high parade Monday, following the historic rally that led nearly one-fourth of its stocks to hit a peak in May.

LG Electronics hit 88,900 won ($79.5), while panel maker LG Display reached 34,300 won and automatic teller machine maker Hyosung tapped 172,000 won at the highest during the Monday trade. The previous yearly high was 86,900 won, 33,500 won and 170,500 won, respectively.

They were not the only powerhouses listed on the benchmark Korea Composite Stock Price Index that touched the yearly ceilings.

Among the firms within the top 50 in market cap, financial group KB Financial Group reached 55,200 won, game software maker NCsoft hit 396,500 won, and retailer E-mart tapped 259,500 won. They beat the previous 54,900 won, 390,000 won and 252,500 won respectively, Monday. 

Among the firms on the second-tier Korean Securities Dealers Automated Quotations, mobile messenger operator Kakao rose to the 52-week high at 104,600 won Monday, from the previous 101,000 won. The rise came partly due to expectations for the relistment on the main stock market and the launch of the second internet-only bank, Kakao Bank.

This came after the number of stocks that hit a 52-week high in May was found to have doubled on-year. The number of the stocks reached 178 out of 777 in total, while that of the previous year came to 89, according to Sunday data by market tracker FnGuide.

The large-cap stocks at the height included IT-related product maker stocks such as Samsung Electronics and SK Hynix.

Other large Kospi-listed stocks hitting the record included Hyundai Motor, Samsung Life Insurance and KB Financial Group, data also showed.

The number of Kospi-listed shares that hit the yearly low went down to 59 in May, from 71 a year before.

The Kospi in May 2017 rose by 127.71 point, while it edged up by 5.25 points in May 2016. The index smashed six-year record-highs in the previous month, setting the closing record of 2,228.96 set on May 2, 2011.

On Monday, the Kospi closed at 2,368,62, down 0.13 percent compared to Friday. After touching an intraday all-time high in early morning trade at 2,376.83, the index plunged due to institutional selling and from the afternoon trade flickered between small gains and losses. On Friday, the index jumped 1.16 percent to hit a record-high at 2,371.72.

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