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Seoul stocks close at all-time high on extended foreign buying

All News 16:00 November 24, 2020

SEOUL, Nov. 24 (Yonhap) -- South Korean stocks extended their winning streak to a fifth day, finishing at an all-time high Tuesday on hopes of an economic recovery and new coronavirus vaccine development. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.17 points, or 0.58 percent, to close at 2,617.76.

Trading volume was high at about 1.3 billion shares worth some 16.6 trillion won (US$14.9 billion), with gainers outnumbering losers 528 to 299.

Foreigners bought a net 726 billion won, while retail investors sold a net 24 billion won. Institutions offloaded a net 694 billion won.

The KOSPI gained for a fifth consecutive session despite the spreading COVID-19 cases, largely on massive foreign buying.

Investor sentiment ran high in the global financial markets, as progress in COVID-19 vaccine development fueled optimism that the economy and trade would normalize down the road.

Foreigners extended their buying spree for a 14th straight session, the longest since the 19-session streak that ended in August 2016.

"The spreading COVID-19 outbreaks continued to channel money from the United States and Europe into the emerging markets," said Kiwoom Securities analyst Seo Sang-young.

Most large caps closed higher, led by chipmakers, automakers and battery makers.

Market bellwether Samsung Electronics added 0.3 percent to a fresh record high of 67,700 won, but No. 2 chipmaker SK hynix lost 1.4 percent to 98,600 won.

Leading chemical firm LG Chem spiked 6.82 percent to 799,000 won, and rechargeable battery maker Samsung SDI surged 4.94 percent to 552,000 won.

Hyundai Motor, the country's largest carmaker, moved up 1.12 percent to 181,000 won. Leading steelmaker POSCO rose 0.41 percent to 244,500 won.

Internet portal giant Naver advanced 0.36 percent to 282,500 won, and its rival Kakao went up 1.63 percent to 373,000 won.

Pharmaceutical giant Samsung Biologics slipped 0.25 percent to 802,000 won, while Celltrion edged up 0.17 percent to 301,500 won.

The local currency closed at 1,112.7 won against the U.S. dollar, down 2.3 won from the previous session's close.

jwc@yna.co.kr
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