South Korea's Kospi ends at record high, led by auto, steel firms

[SEOUL] South Korean shares hit a record high on Tuesday (Apr 28), led by gains in automakers and steel manufacturers, with investor focus on major corporate earnings. The won was flat, while the benchmark bond yield rose.

The benchmark Kospi rose 25.99 points, or 0.39 per cent, to settle at a closing record high of 6,641.02.

Among index heavyweights, chipmaker Samsung Electronics fell 1.11 per cent, while peer SK Hynix gained 0.62 per cent. Battery maker LG Energy Solution climbed 1.72 per cent.

Hyundai Motor and sister automaker Kia Corp were up 5.92 per cent and up 1.97 per cent, respectively. Steelmaker Posco Holdings added 11.74 per cent, while drugmaker Samsung BioLogics fell 0.33 per cent.

Investor focus was on the earnings reports of major US technology companies for clues on global artificial intelligence investments and their impact on semiconductor demand. Domestic heavyweights, including Samsung Electronics, will also report their earnings on Thursday.

On the macroeconomic front, South Korea will release its monthly trade data for April on May 1.

Of the total 889 traded issues, 433 shares advanced, while 419 declined.

Foreigners were net sellers of shares worth 184.5 billion won (S$159.7 million).

The won was quoted at 1,473.6 per dollar on the onshore settlement platform, unchanged from its previous close.

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In offshore trading, the won was quoted at 1,473.2 per dollar, also unchanged, while in the non-deliverable forward trading its one-month contract was quoted at 1,471.8.

The Kospi has risen 57.59 per cent so far this year while the won has weakened 2.3 per cent against the dollar. REUTERS