KOSPI Topped 750 Mark to 13-month High

Korea`s Composite Stock Price Index or KOSPI surpassed the 750 mark yesterday, setting a new record in 13 months.

The KOSPI Index climbed 17.14 points or 2.33% yesterday to close at 754.34, which became the highest since July 19th in 2002 recorded 754.62, while the tech-heavy Kosdaq added 0.44 points or 0.90%, to 49.22.

On Japanese market, in the meantime, Nikkei 225 Average rose 70.63 yen or 0.69% to close at 1,362.69. Other Asian stock markets, such as in Hong Kong, Taiwan, and Singapore, also enjoyed rebounds during the day.

Foreign investors net purchased 124.9 billion won in Korean shares, whereas individual investors sold off 104.6 billion won, and institutional investors, 6.7 billion won. Freshing the highest record for two days in a row, share price of Samsung Electronics secured the 440,000 won per share mark yesterday, closing at 441,500 won per share.

Large-cap stocks stood tall in yesterday`s ascending with Hyundai Motor Company, growing by 7.77%, Kookmin Bank, 5.50%, LG Electronics, 4.35%, and KT, 2.72%.

“The upswing on the stock market was backed up by the reduced sales offer by institutional investors, who had sold off over 300 billion won in shares for the past two days”, noted Hong, Chun-uk, head of Investment Strategy Dept. of Hanwha Securities Co., Ltd. “Prospects for further jump in stock prices have become mush brighter as the buying spree of foreign investors are joined by institutional investors.”

Mi-Kyung Jung mickey@donga.com