(LEAD) KOSPI refreshes all-time high on tech gains

(ATTN: ADDS bond yields at bottom, photo)

SEOUL, June 24 (Yonhap) -- South Korea's benchmark stock index refreshed its all-time high Thursday, supported by strong advances by technology stocks. The Korean won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) advanced 9.91 points, or 0.3 percent, to close at 3,286.1 points, extending its winning streak to the third consecutive session.

Trading volume was high at about 1.3 billion shares worth some 21.1 trillion won (US$18.6 billion), with gainers outnumbering losers 428 to 411.

Foreigners sold a net 107 billion won, while institutions bought 140 billion won, ending their five-day selling spree. Retail investors offloaded a net 47 billion won.

After a solid start, the KOSPI extended its gains, offsetting market concerns about how soon the U.S. Federal Reserve would start tapering its accommodative policies.

Tech stocks rallied as investors bet on a strong economic rebound. South Korea's consumer sentiment increased for the sixth consecutive month in June, as the country's exports signaled a strong recovery amid progress in COVID-19 vaccinations.

The gain came despite the Bank of Korea (BOK) Gov. Lee Ju-yeol's comments that the BOK may conduct its first post-pandemic rate hike "within this year," citing the economy's robust recovery from the COVID-19 pandemic.

The stock index trimmed part of its gains after peaking at the all-time intraday high of 3,292.27 points but bounced back toward the end of the session on strong institutional buying.

"Market shock from the Fed's quicker tapering timeline has been already projected in the stock prices in the previous June FOMC meeting," Kiwoom Securities analyst Kim Yu-mi said.

"The recent hike in exports seems to have fueled investors' optimism for better corporate earnings and lifted local stock prices," she added.

In Seoul, market bellwether Samsung Electronics added 1.37 percent to 81,200 won, and No. 2 chipmaker SK hynix climbed 1.61 percent to 126,000 won.

Internet portal operator Naver lost 0.94 percent to 419,500 won, and its rival Kakao plunged 7.37 percent to 157,000 won. Giant pharmaceutical firm Samsung Biologics decreased 0.23 percent to 855,000 won.

LG Electronics gained 4.13 percent to 164,000 won, and electric car battery maker SK Innovation moved up 3.35 percent to 293,500 won.

Top automaker Hyundai Motor closed unchanged at 242,500 won, and leading chemical firm LG Chem declined 0.48 percent to 831,000 won.

The local currency closed at 1,134.9 won against the U.S. dollar, up 2.8 from the previous session's close.

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 4.6 basis points to 1.384 percent, and the return on the benchmark five-year government bond added 2.9 basis points to 1.706 percent.

jwc@yna.co.kr
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