S.Korean stocks hit record high on foreign, institutional purchases

SEOUL, Jan. 25 (Xinhua) -- South Korean stocks hit a new record high Thursday thanks to stock purchases both by foreign and institutional investors amid upbeat economic indicator of the South Korean economy.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 24.23 points, or 0.95 percent, to settle at 2,562.23. Trading volume stood at 507.15 million shares worth 7.68 trillion won (7.24 billion U.S. dollars).

The KOSPI posted the closing high as foreign and institutional investors bought stocks worth 364 billion won (343 million U.S. dollars) and 302 billion won (285 million U.S. dollars) respectively. Retail investors dumped shares worth 702 billion won (662 million U.S. dollars).

South Korea's real gross domestic product (GDP) growth topped 3 percent in three years in 2017. The export-driven economy was forecast to rise 3 percent this year, boosting expectations for the economy's continued recovery.

Corporate earnings were positive, helping bolster the main bourse. SK Hynix, memory chip giant, announced the biggest-ever earnings in the company's history in 2017, while unveiling an expanded investment plan.

SK Hynix stocks jumped 4.7 percent, and market bellwether Samsung Electronics gained 1.9 percent. The most-used search engine Naver soared 4 percent on its announcement of the positive earnings.

The country's No.1 carmaker Hyundai Motor added 1.3 percent on expectations for positive earnings this year, and the biggest steelmaker POSCO rose 1.3 percent.

Leading chemical firm LG chem lost 0.3 percent, and the biggest auto parts maker Hyundai Mobis declined 0.7 percent. The No.1 life insurer Samsung Life Insurance fell 0.4 percent.

South Korea's currency finished at 1,058.6 won against the greenback, up 11.6 won from the previous close. The local currency appreciated to the dollar on the global weak dollar trend. Enditem