Kospi Tops 6,200 Intraday, Closing In on February Record

The Kospi extended its rally on growing optimism over an end to the fighting and fresh record highs on Wall Street. The benchmark rose above 6,200 during the session, fueling expectations that it could retest its all-time high.

As of 2:40 p.m. on June 16, the Kospi was trading at 6,216.08, up 2.05%. It was the first time the index had reclaimed 6,200 since Feb. 27, just before the Iran crisis began. The Kospi's record high is 6,347.41, reached in February, leaving it about 130 points away.

Institutions drove the advance as of 2 p.m., with net purchases of 1.1048 trillion won. Foreign and retail investors were net sellers, unloading 75.3 billion won and 1.2542 trillion won, respectively, as they took profits.

Hyundai Motor rose 5.12% and Kia gained 3.23%. Lotte Shopping jumped 11.82%, while duty-free related shares also posted strong gains. Samsung Electronics climbed 2.25% and SK Hynix added 0.79%, with both stocks rising for a third straight session.

The Kospi drew support from gains in US equities. In New York, the S&P 500 closed up 55.58 points, or 0.80%, at 7,022.95. It was the first time the index had finished above 7,000.

The tech-heavy Nasdaq Composite rose 376.93 points, or 1.59%, to 24,016.02, its highest close in six months since Oct. 29. The Nasdaq has now advanced for 11 straight sessions.

At the same time, the Kosdaq was up 0.84% at 1,162.10 from the previous session. The junior bourse has risen for five straight trading days. The index briefly fell early in the session, but rebounded as retail investors bought a net 270.3 billion won. Institutions were net buyers of 17.6 billion won, while foreigners were net sellers of 256.1 billion won.

Oh Hyun-ah, Hankyung.com reporter 5hyun@hankyung.com