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KOSPI closes with 6-day high at 2,441.84

Posted July. 21, 2017 07:22,   

Updated July. 21, 2017 07:36

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KOSPI continued its rally and broke the highest record for six consecutive days. KOSDAQ also followed suit and reached its annual high, driven by expectations on higher operating incomes from listed companies.

The KOSPI closed the day on Thursday at 2,441.84, up by 0.49 percent from the previous day. The index continued to maintain its record-high figure for six business days in a row after reaching 2,414.63 on July 14. The longest bullish rally continued for eight straight days, from May 28 to June 7, 2007.

Top caps with highest market capitalization all showed robust outcomes. Samsung Electronics broke its record-high again, climbing 0.91 percent to 25.6 million won. Other blue chips include SK Hynix (0.42 %), POSCO (2.99 %) and Korea Electric Power Corporation (3.27 %).

KOSDAQ has also rewritten its annual high, as it enjoyed the six consecutive business days of rallying. KOSDAQ ended the day 0.74 percent higher than the previous day at 676.51. "Investors were all-in for buying, as KOSDAQ listed companies were forecasted to raise the record 1.3 trillion won worth of operating income this year," said Hwang Seon-ku, head of KOSDAQ Market Division at Korea Exchange. Investors gained confidence as the government announced it would provide more thrust to small- and medium-sized businesses through its state affairs plan.

"Investors' confidence is currently undergoing ups and downs due to the upcoming announcement of the quarterly results, and the direction for KOSPI will depend upon the financial outcomes of businesses and the monetary policy meeting held by the European Central Bank (ECB)," said Lee Kyung min, an analyst at Daeshin Securities.



Min-Ki Shin minki@donga.com