South Korea’s benchmark Kospi breached the 4,000 level for the first time Monday, extending its record-breaking run amid growing investor optimism and strong foreign inflows.
The milestone came moments after the market opened at 9 a.m., with the index vaulting past 4,000 less than a minute after starting at 3,999.8. The new high came just one trading day after the Kospi crossed the 3,900 mark on Friday.
Momentum built quickly. The gauge rose above 4,010 within two minutes, topped 4,030 about 40 minutes into trading, and reached a morning peak of 4,038.39 around 9:50 a.m. It was hovering near 4,015 as of 10 a.m.
Samsung Electronics, a Kospi bellwether, also broke through the long-awaited 100,000-won threshold for the first time, tracking the broader rally. The stock opened 2.53 percent higher, climbed to 101,900 won ($71.20), and was trading around 101,500 won as of 10 a.m.
Foreign investors led the advance, net buying 350 billion won worth of shares as of 10 a.m., while individuals and institutions sold a net 280 billion won and 400 billion won, respectively.
The secondary Kosdaq also gained ground, up about 1 percent at 892 in morning trade after opening at 890.23.
Investor sentiment was buoyed by the start of the Asia-Pacific Economic Cooperation summit week, ahead of the main gathering on Friday. Key meetings are set for the week, including President Lee Jae Myung’s talks with US President Donald Trump and Chinese President Xi Jinping. Expectations for robust third-quarter earnings from major firms including Samsung Electronics and SK hynix are also likely fueling the rally.
jwc@heraldcorp.com
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