S.Korea stocks hit record high; won strengthens

* KOSPI reaches as high as 2,388.44, led by large tech
shares
* Market has to be aware of possible profit-taking this week
-analyst
* Won climbs for 3 consecutive sessions as dollar retreats

SEOUL, June 26 (Reuters) – South Korean shares notched
record high early on Monday led by big gainers in technology
sector such as Samsung Electronics and SK Hynix
on expectations for strong second-quarter results,
while a rebound in oil prices also gave support.
The Korea Composite Stock Price Index (KOSPI) was up
0.4 percent at 2,387.08 as of 0220 GMT. The index touched a high
of 2,388.44, its highest intraday level in history.
Samsung Electronics rose nearly 1 percent and SK Hynix over
2 percent, pushing the sub-index for electric and electronics
shares up 1.3 percent.
“Local IT shares are likely to attract more investors
following increased hopes of better earnings in U.S. tech
shares, and give a boost to overall stock markets,” said Seo
Sang-young, stock analyst at Kiwoom Securities, in a note.
A rise in global oil prices will give additional support to
the KOSPI while the market players have to be aware of possible
profit-taking later this week, Seo said.
Foreign investors were set to be net sellers, offloading a
net 39 billion Korean won ($34.38 million) worth of KOSPI shares
while individuals purchased a net 19.6 billion won worth near
mid-session.
The South Korean won also strengthened, climbing for
a third straight session, as U.S. economic indicators were
weaker than forecasts and expectations for the Federal Reserve’s
another rate hike this year largely faded.
The won was quoted at 1,134.8 to the dollar, up
0.4 percent from Friday’s close.
June futures on three-year treasury bonds gained
0.03 point to 109.43.

0220 GMT Prev close
Dollar/won 1,134.8 1,138.8
Yen/won 10.1913/86 10.2014
*KTB futures 109.43 109.40
KOSPI 2,387.08 2,378.60
* Front-month futures on three-year treasury bonds

(Reporting by Dahee Kim; Editing by Gopakumar Warrier)


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