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Seoul stocks hit new high on tech gains, oil rebound

South Korean stocks hit a new record high on Monday, driven by gains in Samsung Electronics and other tech stocks. The Korean won rose against the US dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) climbed 10.06 points, or 0.42 percent, to close at 2,388.66. Trade volume was moderate at 315 million shares worth 5.1 trillion won (US$4.48 billion). 

(Yonhap)
(Yonhap)

The local stock market opened higher on a rebound in oil prices. The index touched a high of 2,390.70 shortly before closing, marking its highest intra-day level in history.

Some analysts said the local stock market could test the 2,500-point level in the coming months.

Chi Ki-ho, head of the research division at Cape Investment & Securities, said the local stock market is expected to extend its winning streak to a seventh consecutive month of gains.

However, Chi said the local stock market has not shown signs of overheating as the rally is supported by expectations about healthier corporate earnings.

Top market cap Samsung Electronics rose 1.39 percent to end at a fresh record high of 2,414,000 won, and SK hynix, a global chipmaker, jumped 3.85 percent to hit an all-time high of 67,500 won.

Naver, the operator of the country's top Internet portal, gained 0.11 percent at 888,000 won.

Top carmaker Hyundai Motor was flat at 164,000 won, while its smaller affiliate Kia Motors fell 0.51 percent at 38,650 won.

The local currency closed at 1,137.10 won against the US dollar, up 1.7 won from the previous session's close. (Yonhap)

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