Seoul stocks dipped by more than one percent on Thursday to snap a three-day winning streak, after touching a fresh all-time high, as investors cashed in gains amid a sharp rise in international oil prices.
Korean stocks extended their record-setting rally for a third straight session on Wednesday, even as foreign investors continued to pull money out of the market.
Seoul stocks closed at a record high Tuesday, boosted by anticipation over the earnings releases of major U.S. tech companies. The Korean won fell against the U.S. dollar.
Seoul stocks surged to a record closing high on Monday, powered by a rally in chipmakers and power equipment companies as investors positioned ahead of a big week for global tech earnings.
As Samsung Electronics union members began a rally in Pyeongtaek, Gyeonggi, the chipmaker's shareholders also took to the streets to argue that the union's "malicious" demands will do nothing but harm the company's rosy growth outlook.
Korean stocks hit a record high on Thursday, with the benchmark Kospi opening at 6,488.83, a gain of 1.1 percent. The positive sentiment followed the U.S. extending its cease-fire with Iran and strong corporate earnings.
The first app that a young office worker surnamed Jeon opens these days is no longer a shopping platform, but a brokerage account, and she is far from alone as Koreans cut shopping to increase shareholdings as the Kospi barrels upward.
Korean stocks broke the 6,400 mark, hitting a record intraday high Wednesday before turning lower, as lingering uncertainties over U.S.-Iran peace talks weighed on investor sentiment.
The benchmark Kospi rose 134.66 points, or 2.21 percent, to finish at 6,226.05, closing above the 6,200-point mark for the first time since the outbreak of the Iran war.
Foreign investors net sold a new monthly high amount of local stocks in March, data showed Thursday, as the Iran war boosted risk-off sentiment.
Korea JoongAng Daily Sitemap
