South Korean stocks closed higher on Friday at a fresh peak just shy of 5,000, led by gains in technology and brokerage shares. The benchmark KOSPI index rose 0.76 percent to 4,990.07 after hitting an intraday record of 5,021.13. The Korean won strengthened against the U.S. dollar.
South Korean stocks closed higher on January 23 in Seoul, marking a third consecutive day of gains and reaching a fresh peak just shy of 5,000. The benchmark Korea Composite Stock Price Index (KOSPI) rose 37.54 points, or 0.76 percent, to end at 4,990.07 after a choppy session that saw it briefly breach 5,000 for the second straight day and hit an intraday record of 5,021.13. Gains later moderated due to profit-taking.
Trading volume was robust at 595.6 million shares valued at 29.6 trillion won (about $20.2 billion), with 677 winners outnumbering 212 losers. Institutions net bought 491.2 billion won worth of shares, and foreigners purchased 133.3 billion won, while individual investors sold a net 725.6 billion won.
"Foreign investors locked in profits, particularly in auto stocks, which have surged recently," said Lee Kyung-min, an analyst at Daeshin Securities, adding that profit-taking has accelerated and sector rotation is proceeding more quickly.
Large-cap stocks showed mixed performance. Samsung Electronics fell 0.13 percent to 152,000 won, while SK hynix rose 1.59 percent to 767,000 won. LG Energy Solution declined 1.2 percent to 412,000 won. KB Financial gained 0.67 percent to 135,600 won, and Naver surged 8.35 percent to 266,000 won. Biotech shares advanced, with Samsung Biologics up 1.35 percent to 1,802,000 won and Celltrion rising 1.92 percent to 212,000 won. Auto stocks weakened, as Hyundai Motor dropped 3.59 percent to 510,000 won and Kia fell 3.4 percent to 159,000 won.
The Korean won traded at 1,465.9 per U.S. dollar at 3:30 p.m., up 4 won from the prior session. Bond yields edged higher, with the three-year Treasury yield increasing 2.8 basis points to 3.137 percent and the five-year note up 2.3 basis points to 3.42 percent.
