The South Korean benchmark Kospi extended its gains Friday, finishing a touch below the 7,500-point threshold.
The Kospi closed at 7,498, up 0.11 percent, from the previous session, reversing earlier losses to finish higher.
The index got off to a weak start, opening 1.82 percent lower at 7,353.94 from the previous session. It extended its losses in early trading before reversing course late in the session and turning positive shortly before the market close. The index climbed as high as 7,511.01 during the day, reclaiming the 7,500 mark once again.
With Friday's close, the Kospi has extended its rally for four consecutive trading sessions. After surging more than 6 percent Monday to break above the 7,000 mark for the first time ever, the index briefly topped 7,500 for the first time during trading Wednesday. It has not yet closed above the threshold.
Retail investors drove the index higher, net buying 3.97 trillion won ($2.68 billion) worth of shares on the main bourse, while institutional investors also supported the rally with net purchases of 1.54 trillion won. Foreign investors were the sole net sellers, offloading a net 55.9 billion won worth of stocks.
Offshore investors continued their selling spree after dumping more than 7 trillion won worth of shares on the Kospi the previous day, marking the largest-ever net sell-off on record. Over the past two sessions, their cumulative net selling reached 12.32 trillion won.
Chip stocks showed mixed performance. Samsung Electronics took a breather, slipping 1.1 percent to close at 268,500 won, while SK hynix continued its rally, rising 1.93 percent to close at a fresh record high of 1.686 million won. The stock also touched a new all-time intraday high of 1.689 million won during trading.
SK Square closed 0.9 percent lower at 1.098 million won, while Hyundai Motor gained 7.17 percent to 613,000 won on robotics momentum.
silverstar@heraldcorp.com
