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Seoul Shares Hit Record High as Tech and Auto Stocks Rally Past 4,600

Seoul shares extended their rally to a fourth day, with the KOSPI closing at a record high of 4,551.06 after briefly touching above 4,600. The surge was driven by strong performances in technology, automobile, and shipbuilding stocks. Foreign investors were net buyers, injecting 1.25 trillion won into the market, which offset selling by institutions and individuals. Meanwhile, the Korean won weakened against the US dollar, closing at 1,445.80.

Key Points: Seoul Shares Set Record High on Tech, Auto Rally

  • KOSPI hits intraday high of 4,611.72
  • Foreign investors bought net 1.25 trillion won
  • Hyundai Motor surges 13.8%
  • Samsung and SK hynix lead tech gains
  • Won weakens to 1,445.80 against dollar
2 min read

Seoul shares set fresh record high on tech, auto rally after brief touch of above 4,600

KOSPI closes at all-time high above 4,550 as foreign investors buy stocks and tech giants lead gains. The won weakens against the dollar.

"Record gains in automobiles, semiconductors and shipbuilding stocks helped the KOSPI briefly top the 4,600-point mark - Lee Jae-won"

Seoul, Jan 7

Seoul shares extended their rally to a fourth day to set a fresh record high on a tech and auto rally on Wednesday after briefly landing above the 4,600-point level. The Korean won fell against the US dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 25.58 points, or 0.57 percent, to close at an all-time high of 4,551.06, reports Yonhap news agency.

The index briefly topped the 4,600-point mark, touch an intraday high of 4,611.72.

On Tuesday, the KOSPI broke through the 4,500-point threshold on tech gains to end 1.52 percent up at 4,525.48.

Trading volume was heavy at 548.38 million shares worth 28.83 trillion won (US$19.9 billion), with losers outnumbering gainers 683 to 199.

Foreign investors bought a net 1.25 trillion won worth of stocks, offsetting net selling by institutions and individuals of 938.95 billion won and 294.59 billion won, respectively.

"Record gains in automobiles, semiconductors and shipbuilding stocks helped the KOSPI briefly top the 4,600-point mark during the session and close above 4,500 for a second straight session," Lee Jae-won, an analyst at Shinhan Securities Co., said.

Technology and auto stocks led the gains. Market behemoth Samsung Electronics rose 1.51 percent to 141,000 won, while chip giant SK hynix jumped 2.2 percent to 742,000 won.

Top carmaker Hyundai Motor surged 13.8 percent to 350,500 won, and its smaller affiliate Kia climbed 5.55 percent to 129,300 won.

The automakers advanced after Hyundai-owned Boston Dynamics demonstrated its humanoid robot Atlas for the first time at this year's CES tech show Monday (U.S. time).

Leading shipbuilder HD Hyundai Heavy Industries climbed 1.27 percent to 557,000 won on a series of high-end ship orders.

Among decliners, national flag carrier Korean Air fell 1.78 percent to 22,100 won, while state-run utility Korea Electric Power Corp. also declined 1.78 per cent to 49,600 won.

Leading refiner SK Innovation dropped 3.77 percent to 102,000 won, and battery maker LG Energy Solution shed 1.98 percent to 370,500 won.

The local currency was quoted at 1,445.80 won against the U.S. dollar at 3:30 p.m., down 0.3 won from the previous session.

Bond prices, which move inversely to yields, ended higher. The yield on three-year Treasurys fell 3.8 basis points to 2.910 per cent, while the return on the benchmark five-year government bonds declined 5.9 basis points to 3.185 per cent.

- IANS

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Reader Comments

S
Sarah B
The KOSPI touching 4600 is impressive! 🇰🇷 It shows how focused investment in key export sectors (semiconductors, cars, ships) pays off. Foreign investors buying net 1.25 trillion won is a huge vote of confidence. Hope Indian policymakers are taking notes on creating global champions.
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Priya S
While the record high is great news for Korea, the article also notes the won fell against the dollar. Strong market but weak currency – that's a complex situation. Also, losers outnumbered gainers 683 to 199, so the rally seems quite narrow, driven by only a few big stocks. Something to be cautious about.
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Rohit P
Hyundai up 13.8%!? That's insane. All because of a robot demo at CES. The power of perception and future-tech in moving markets. Meanwhile, our Sensex moves on budget rumours and RBI policies 😅. We need our companies to showcase such cutting-edge work on global stages.
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Vikram M
Solid performance. The shipbuilding sector getting orders is a good sign for global trade optimism. However, seeing battery makers and refiners decline is a reminder that not all sectors ride the wave. Diversification in a portfolio is key, even in a bull market.
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Karthik V
Foreign investors are the net buyers, while local institutions and individuals are selling. That's often the story in emerging markets, isn't it? The locals book profits, and foreigners see long-term value. Hope the momentum sustains and benefits the broader Korean economy.

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