KOSPI Rises to New High

      May 23, 2014 10:33

      The Korea Composite Stock Price Index closed at a record high on Thursday powered by continued foreign buying and the release of positive economic indicators in China.

      The KOSPI closed up 0.36 percent at 2,015 points.

      The market got off to a strong start, surpassing the 2,010-point level in early morning trade after minutes from the April U.S. Fed meeting showed no mention of an earlier-than-expected interest rate hike, prompting shares on the New York Stock Exchange to rise.

      The KOSPI broke 2,020 points at one point in the days' trade, but profit-taking by individual investors in the afternoon narrowed gains.

      Foreigners bought W271.9 billion worth of Korean shares on Thursday leading to accumulated purchases of W2.3 trillion over the last eight sessions (US$1=W1,025).

      Cho Yoon-nam at Daeshin Securities said, "As foreign buying continued, positive indicators from China boosted sentiment even further. We expect additional rises for the time being since various Chinese economic indicators reflecting mini pump-priming measures will be announced until June 10 amid sound economic conditions in the U.S. and Europe."

      The won closed up W2.7 against the U.S. dollar at W1,024.2.

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