August 11, 2020 09:49
The Korea Composite Stock Price Index closed at the highest level in two years and two months on Monday powered by a record run for Hyundai shares.
The KOSPI closed up 1.48 percent at 2,386.38 points, approaching to the record of 2,404.04 points set on June 15, 2018.
Automotive stocks surged 13.3 percent powered by Hyundai and affiliate Kia shares soaring 15.7 percent and 9.7 percent. It was the biggest daily jump in Hyundai's stock since the daily fluctuation was capped at ±30 percent in June 2015.
Analysts attributed the growth to expectations to rising car sales due to the flood damage across the country plus rumors of a possible partnership with U.S.-based hydrogen truck start-up Nikola.
But Hyundai reportedly twice rejected requests from Nikola to ink the deal. Hyundai overtook Samsung SDI and Kakao in terms of market capitalization to rank seventh on the KOSPI.
The junior Kosdaq also rose 0.6 percent to 862.76 points, the highest level since June 15, 2018.
Individual investors snapped up around W220 billion worth of stocks even though foreign and institutional investors dumped W350 billion worth of shares (US$1=W1,188).
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