Seoul stocks set new record on tech, auto rally after brief touch above 4,600 & more related news here

Seoul: Seoul stocks extended their rally to a fourth day to set a new record in a tech and automotive rally on Wednesday after briefly landing above the 4,600 level. The Korean won fell against the US dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 25.58 points, or 0.57 percent, to close at a record high of 4,551.06, Yonhap news agency reports.

The index briefly surpassed the 4,600-point mark, reaching an intraday high of 4,611.72.

On Tuesday, the KOSPI surpassed the 4,500-point threshold in tech gains to close up 1.52 percent at 4,525.48.

Trading volume was high, with 548.38 million shares worth 28.83 trillion won ($19.9 billion), with losers outnumbering gainers 683 to 199.

Foreign investors bought shares worth a net 1.25 trillion won, offsetting net sales by institutions and individuals of 938.95 billion won and 294.59 billion won, respectively.

“Record gains in auto, semiconductor and shipbuilding stocks helped the KOSPI briefly surpass the 4,600-point mark during the session and close above 4,500 for the second consecutive session,” Lee Jae-won, an analyst at Shinhan Securities Co., said.

Technology and auto stocks led the gains. Market giant Samsung Electronics rose 1.51 percent to 141,000 won, while chip giant SK hynix jumped 2.2 percent to 742,000 won.

Top automaker Hyundai Motor rose 13.8 percent to 350,500 won, and its smaller subsidiary Kia rose 5.55 percent to 129,300 won.

Automakers moved forward after Hyundai-owned Boston Dynamics demonstrated its Atlas humanoid robot for the first time at this year’s CES technology show on Monday (US time).

Leading shipbuilder HD Hyundai Heavy Industries rose 1.27 percent to 557,000 won on a series of high-end ship orders.

Among those falling, national flag carrier Korean Air fell 1.78 percent to 22,100 won, while state-owned utility Korea Electric Power Corp. also declined 1.78 percent to 49,600 won.

Leading refiner SK Innovation fell 3.77 percent to 102,000 won, and battery maker LG Energy Solution lost 1.98 percent to 370,500 won.

The local currency was trading at 1,445.80 won against the US dollar at 3:30 p.m., down 0.3 won from the previous session.

Bond prices, which move inversely to yields, ended higher. The three-year Treasury yield fell 3.8 basis points to 2.910 percent, while the five-year benchmark government bond yield fell 5.9 basis points to 3.185 percent.