Seoul Stocks Top 900-Level for First Time in Nearly Two Years

Korea Composite Stock Price Index broke through the 900-level for the first time in one year and ten months.

KOSPI went up 11.62 points (1.30 percent) from yesterday’s session, closing at 907.43 in the Korea stock market on Friday, the highest record ever in 22 months after April 24, 2002 (915.69 points).

Amid the current upward trend of Asian stock markets like those of Japan and Taiwan, foreigners net purchased 237.9 billion won worth of domestic stocks and accompanied a rising trend.

Foreigner’s net purchase scale reached 1.7526 trillion won in just three trading sessions this month and peaked at 7.932 trillion won this year. With this, the market price of stock exchange totaled 399.274 trillion won, approximating to almost 400 trillion won and foreigner’s stock holding boosted up to 43 percent. Meanwhile, private investors net sold 167.2 billion worth of stocks this day and 3.4646 trillion worth this year. Institutional investors also sold approximately four trillion won of stocks. Shares of Samsung Electronics surged 2.1 percent, closing at 569,000 won and renewed its highest record. Securities experts said, “The rising trend of Asian stock markets and active net buying of stocks by foreigners induced this surge, and it won’t be difficult to bring the stock price to the 920~930-level within this month.”

Kang-Woon Lee kwoon90@donga.com