The Kospi added 14.50 points, up 0.67 percent from the previous session to hit a 23 month high of 2,164.58 points on Friday.
|Kospi hit its highest point in almost two years on Friday (KRX)|
Top cap Samsung Electronics closed at an all-time high of 2.12 million won ($1,873), up 1.34 percent from the previous day. The company’s shares have been rallying recently by market optimism on robust earnings.
Foreign investors continued to be net-buyers for the 10th day, purchasing a net 250.5 billion won worth of Kospi stocks on Friday.
Overseas investors’ upbeat sentiment can be attributed to a positive evaluation by Moody’s Investors Service, which said the presidential dismissal would form impetus for reform of corporate structure in South Korea, Bae Sung-young, an analyst at KB Securities Co. said.
On Friday, a total of 420 companies listed on the Kospi bourse saw their stock prices up, outnumbering 376 decliners.
Meanwhile, tech-laden Kosdaq inched down by 0.62 points, or 0.10 percent, to close at 613.26 points despite strong gains for IT-related companies.
The local currency closed at 1,130.90 won against the US dollar, up 1.1 won from the previous session‘s close.
By Park Ga-young (firstname.lastname@example.org)