Seoul shares surged to an all-time high on Wednesday, as Hana Bank and other local lenders gained on optimism for better earnings in the sector and amid growing prospects for a recovery in domestic demand.
Strong cash inflows from stock savings accounts held by retail investors, which have helped shares gain 37 percent so far this year, showed little sign of letting up, despite growing concern in some quarters that valuations may be getting too high.
The benchmark Korea Composite Stock Price Index (KOSPI) closed up 1.57 percent at a record 1,228.57.
Hana, the country's fourth-biggest lender, rose 6.66 percent to 38,450 won after earlier touching a record 39,050 won. Top-ranked Kookmin Bank rose 2.87 percent to 64,500 won.
Financial stocks were also boosted after minutes from the latest meeting of South Korea's central bank showed members of its policy board becoming more supportive of a need to raise interest rates for the first time in three years.
POSCO Co Ltd up 3 percent to 240,500 won, after hitting a record 243,500 won.
South Korea's junior and tech heavy Kosdaq market rose 1.37 percent to finish at 562.25, its highest close since ending at 580.6 on September 5, 2002.
Among a handful of decliners, Korea Exchange Bank fell 2.06 percent to finish at 11,900 won. Trade volume reached 470 million shares worth 4.3 trillion won compared to 488.1 million shares worth 3.9 trillion won on Tuesday. Gainers outnumbered decliners by 504 to 253 with 67 titles ending flat.
Foreign investors bought a net 83.6 billion won in shares on the main bourse, while retail investors sold a net 73.3 billion won. Institutional investors sold a net 26.4 billion won.
The December KOSPI 200 futures index rose 2.15 points to 159.05 and the underlying KOSPI 200 spot index added 2.36 points to 158.88.
Comments
Comments are closed.