Kospi inches closer to 2,400 closing mark

South Korea‘s top-tier stock market resumed its record run for an eighth trading day Tuesday, with its index inching closer to a closing mark of 2,400.

The benchmark Korea Composite Stock Price Index closed at 2,396.00, up 0.58 percent from Monday, marking its 13th all-time high this year.

This came nearly two weeks after the market closed at a previous record-high of 2,395.66 on June 29, having momentarily topped 2,400 in early morning trade. 

About 15 minutes before the market closed Tuesday, foreign investors bucked the selling trend that continued from early morning trade, leading to the net purchase of stocks to the tune of 98.5 billion won ($85.5 million).

Individual investors net sold stocks of worth 124.1 billion won, while institutional investors net sold 20.3 billion won of stocks. Gainers outnumbered losers 407 to 391.

Market bellwether Samsung Electronics started to rise in afternoon trade, ending at an all-time high of 2,450,000 won, up 0.7 percent from Monday. At around 9:15 a.m., Samsung Electronics was 0.7 percent lower.

Other Kospi giants reaped gains. Chipmaker SK hynix rose 2.53 percent, while internet firm Naver gained 2.09 percent. The nation‘s leading steelmaker Posco surged 2.67 percent to close at 308,000 won, hitting a 52-week high for a second consecutive day.

South Korea’s stock markets suffered dips the previous week, as geopolitical risks due to North Korea’s missile test re-emerged and the European Central Bank hinted at monetary tightening. It regained momentum Monday on the back of upbeat US jobs data.

The local currency weakened 1.6 won against the dollar compared to Monday. The won was trading at 1,151.1 won against the greenback at the market’s close.

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