Seoul shares jumped to a record on Thursday, passing a peak hit last week as brokerages such as Samsung Securities surged on speculation parliament was set to approve a key act easing regulatory restrictions in the sector.
Exporters such as Hyundai Motor Co also rallied after data showing strength in US consumer spending boded well for sales to South Korea's second-biggest export market. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 2.7 percent, closing at an all-time high 1,769.18, marking its biggest one-day percentage gain since July 20, 2006.
The record was well past the prior peak of 1,753.24 hit a week ago. The benchmark KOSPI looks set to snatch this week a record 15th consecutive week of gains, despite rising bond yields that may signal higher interest rates down the road.
The index's 23.3 percent climb this year is way above its 4 percent gain for the whole of last year, but below the 54 percent gain seen in 2005. Brokerages rallied for a third day on expectations parliament could approve the Capital Markets Integration Act as early as this week.
Shares in Samsung Securities Co, the country's second-most valuable securities firm, surged 6.05 percent to 71,900 won after earlier hitting their highest since July 1999.
Brokerages have rallied recently as average daily trading values in the main KOSPI and the junior Kosdaq market have soared to around 9.9 trillion won so far this month, more than double the average seen for all of June last year. Hyundai Motor, the country's biggest automaker, gained 2.64 percent to 74,000 won. LG Electronics Inc rose 4.08 percent to 79,000 won.
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