Seoul shares hit their fourth consecutive record on Wednesday, and are on the cusp of breaking the 1,600 point-level, after retailers such as Lotte Shopping gained on optimism about a recovery in domestic consumption.
But Hanarotelecom Inc ended lower after saying its quarterly net loss widened from a year earlier, while Hyundai Heavy Industries Co fell as investors saw its nearly 10 percent gain a day earlier as overdone. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.68 percent to end at an intraday and record close of 1,593.42 points, its fourth all-time high in as many sessions.
The KOSPI has rallied since the beginning of April, hitting a series of all-time highs along the way, although that has meant the index hit a relative strength index of 80.5 on Wednesday, above the 70-point level at which a share or index is generally seen as technically overbought.
Among other gainers, Daewoo Shipbuilding and Marine Engineering Co, the world's second-biggest shipbuilder, rose 1.16 percent to 39,100 won after announcing $1.6 billion in orders to build 16 ships from several firms.
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