SEOUL: South Korean stocks rose to a new all-time high Monday on gains in steelmakers and telecoms, market analysts said. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index gained 6.43 points, or 0.26 percent, to close at 2,480.05, after rising to as much as 2,487.71 at one point. Trade volume was moderate at 223 million shares worth 6.1 trillion won ($5.41 billion), with losers outnumbering gainers 411 to 394. The local stock market opened higher as top market cap Samsung Electronics continued to rise on third-quarter earnings hopes, but pared back part of its earlier gains as investors were tempted to lock in recent surges. “Backed by sound economic fundamentals and corporate earnings, the local stock market should continue to rise,” said Kim Byeong-yun, an analyst at NH Investment & Securities. Foreign investors have scooped up local stocks for the past week, sending the KOSPI higher, as North Korea-related concerns eased. Samsung Electronics, the top market cap here, shed 0.15 percent to end at 2,696,000 won.
The tech giant said last week that its third-quarter operating profit is expected to have nearly tripled, apparently on sound returns from its computer chip business. Operating profit was estimated at 14.5 trillion won, compared with 5.2 trillion won a year earlier, and sales also probably surged 29.65 percent to 62 trillion won in the July-September period compared to the previous year. SK hynix, a major chipmaker, was down 2.21 percent at 84,200 won. SK Telecom, the leading mobile carrier, added 1.5 percent to finish at 271,500 won. POSCO, the country’s top steelmaker, surged 5.85 percent to end at a yearly high of 344,000 won on earnings hopes. AmorePacific, the No.1 cosmetics maker, soared 5.17 percent to end at 285,000 won as investors’ concerns over its slump in China eased amid Beijing’s retaliation against the deployment of a US advanced missile shield system here. Hyundai Motor, South Korea’s largest automaker, lost 0.97 percent at 153,000 won and Naver, the operator of the country’s top Internet portal, remained flat at 762,000 won. The local currency closed at 1,137.90 won against the US dollar, down 7.8 won from the previous session’s close. Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 1.3 basis points to 1.927 percent and the return on the benchmark five-year government bond added 1.3 basis points to 2.130 percent.
