April 19, 2024

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An electronic board at the Korea Exchange’s Seoul office shows South Korea’s key stock index, the Kospi, reach an all-time closing high of 3,249.30 points on May 10. (KRX)

South Korea’s benchmark Kospi set a fresh record at May 10’s closing, backed by foreign and institutional investors’ massive buying on eased inflation worries around the globe.

The key stock index closed 1.63 percent higher at 3,249.30 points, breaking its previous record of 3,220.70 points from April 20.

The Kospi got off to a solid start at 3,201.46 and soared to 3,255.90 at one point during Monday’s trading. It was the second time the index surpassed the 3,250-point threshold during trading.

Foreign investors turned to net buyers and scooped up a net 238.4 billion won ($213.82 million), while institutional investors extended their buying spree for a fourth consecutive session, purchasing a net 966.8 billion won. On the contrary, retail investors offloaded some 1.19 trillion won.

Most large caps closed in positive terrain. Market kingpin Samsung Electronics climbed 1.59 percent, while Hyundai Motor and Celltrion gained 2.46 percent and 3.19 percent, respectively.

The tech-heavy Kosdaq advanced 1.48 percent to close at 992.80 points. Retail traders and institutional investors’ combined net purchases came to 43 billion won, but offshore investors sold a net 19.4 billion won worth of local shares.

By Jie Ye-eun (yeeun@heraldcorp.com)