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South Korean stocks advanced for the second consecutive day to close at a fresh record high Tuesday as hopes for strong second-quarter corporate earnings drove up tech stocks. The Korean won rose against the US dollar.
The benchmark Korea Composite Stock Price Index (Kospi) increased 12 points, or 0.36 percent, to close at 3,305.21 points.
Trading volume was moderate at about 1 billion shares worth some 14.5 trillion won ($12.8 billion), with gainers outnumbering losers 476 to 344.
Foreigners bought a net 224 billion won, while retail investors sold 292 billion won. Institutions purchased a net 69 billion won.
After a strong start, local stocks advanced on expectations of robust corporate earnings in the April-June period, despite concerns about the new coronavirus variant.
The country's top two tech firms -- Samsung Electronics and LG Electronics -- are scheduled to report their quarterly earnings guidance Wednesday.
South Korea's daily new virus cases stayed in the 700s for the fourth day in a row Tuesday, prompting authorities to consider maintaining their distancing rules in the heavily populated greater Seoul.
"As the earnings season starts, investors are paying keen attention to whether the (expected earnings hike) would generate an overall upward momentum," Hi Investment & Securities analyst Park Sang-hyun said.
Market kingpin Samsung Electronics moved up 1 percent to 81,200 won, and LG Electronics gained 1.8 percent to 170,000 won. No. 2 chipmaker SK hynix advanced 1.63 percent to 125,000 won.
Internet portal operator Naver slipped 0.12 percent, but its rival Kakao added 0.32 percent to 157,500 won. Top automaker Hyundai Motor closed unchanged at 236,000 won,
Giant pharmaceutical firm Samsung Biologics lost 1.96 percent to 850,000 won, while leading chemical firm LG Chem increased 0.34 percent to 873,000 won.
The local currency closed at 1,129.7 won against the US dollar, up 2.1 won from the previous session's close.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 0.3 basis point to 1.465 percent, and the return on the benchmark five-year government bond added 1.7 basis points to 1.768 percent. (Yonhap)
The benchmark Korea Composite Stock Price Index (Kospi) increased 12 points, or 0.36 percent, to close at 3,305.21 points.
Trading volume was moderate at about 1 billion shares worth some 14.5 trillion won ($12.8 billion), with gainers outnumbering losers 476 to 344.
Foreigners bought a net 224 billion won, while retail investors sold 292 billion won. Institutions purchased a net 69 billion won.
After a strong start, local stocks advanced on expectations of robust corporate earnings in the April-June period, despite concerns about the new coronavirus variant.
The country's top two tech firms -- Samsung Electronics and LG Electronics -- are scheduled to report their quarterly earnings guidance Wednesday.
South Korea's daily new virus cases stayed in the 700s for the fourth day in a row Tuesday, prompting authorities to consider maintaining their distancing rules in the heavily populated greater Seoul.
"As the earnings season starts, investors are paying keen attention to whether the (expected earnings hike) would generate an overall upward momentum," Hi Investment & Securities analyst Park Sang-hyun said.
Market kingpin Samsung Electronics moved up 1 percent to 81,200 won, and LG Electronics gained 1.8 percent to 170,000 won. No. 2 chipmaker SK hynix advanced 1.63 percent to 125,000 won.
Internet portal operator Naver slipped 0.12 percent, but its rival Kakao added 0.32 percent to 157,500 won. Top automaker Hyundai Motor closed unchanged at 236,000 won,
Giant pharmaceutical firm Samsung Biologics lost 1.96 percent to 850,000 won, while leading chemical firm LG Chem increased 0.34 percent to 873,000 won.
The local currency closed at 1,129.7 won against the US dollar, up 2.1 won from the previous session's close.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 0.3 basis point to 1.465 percent, and the return on the benchmark five-year government bond added 1.7 basis points to 1.768 percent. (Yonhap)
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