Seoul shares extend record-breaking rally on defense, battery shares; won sharply slips

SEOUL, Jan. 12 (Yonhap) -- South Korean stocks extended their record-breaking rally to surpass the 4,600-point mark Monday driven by strong gains in defense and battery shares. The Korean won fell sharply against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 38.47 points, or 0.84 percent, to finish at 4,624.79, extending its winning streak to seven sessions.
Since the beginning of the year, the KOSPI has risen nearly 10 percent, setting fresh daily closing highs.
Trade volume was heavy at 382.4 million shares worth 22.8 trillion won (US$15 billion), with gainers outnumbering losers 530 to 348.
Institutions led the bullish mode, purchasing a net 210.3 billion won worth of stocks, while foreign investors and individuals sold a net 351.2 billion won and 101.3 billion won, respectively.
Analysts noted recent news reports that U.S. President Donald Trump is considering military options in Iran may have fueled defense stocks here.
"As geopolitical tensions intensify across the world, each country has to increase their defense costs," said Lee Jae-won, an analyst from Shinhan Securities Co.
Major defense firm LIG Nex1 increased 3.32 percent to 560,000 won, and Korea Aerospace Industries (KAI) gained 2.74 percent to 153,900 won.
LG Energy Solution, the leading battery maker, jumped 4.41 percent to 379,000 won, and POSCO Future M soared 6.88 percent to 188,000 won.
Top carmaker Hyundai Motor rose 0.27 percent to 367,000 won, and energy firm Doosan Enerbility vaulted 4.63 percent to 88,100 won.
Chipmakers finished mixed as Samsung Electronics fell 0.14 percent to 138,800 won, while SK hynix climbed 0.67 percent to 749,000 won.
The local currency was quoted at 1,468.4 won against the greenback at 3:30 p.m., down 10.8 won from the previous session.


Sumber : yna.co.kr