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South Korean stocks rise to fresh record; won gains

South Korean stocks rise to fresh record; won gains

South Korean shares rose Thursday to a new record high on strong earnings performances by companies including Korean Air. The won gained.
The Korea Composite Stock Price Index rose 6.56 points, or 0.4 percent, to 1,559.86. The Kospi's previous all-time high close was 1,556.71 on April 24.
"Sentiment is underpinned by hopes of additional upbeat earnings and abundant liquidity," said SK Securities' analyst Won Jong-hyuck.
The Kospi has hit a series of highs this year amid demand from foreign investors, strong global markets and steady gains in sectors including steel and shipbuilding.
Among gainers, Korean Air Co., South Korea's largest airline, rose 4.2 percent to 46,800 won as its first quarter operating profit jumped 66 percent from the same period last year.
State-run utility Korea Electric Power Corp. gained 1.8 percent to 39,950 won on solid first-quarter earnings and a positive outlook for the second quarter.
In currency trading, the U.S. dollar closed at 926.30 won, down from 930 won Wednesday.


Updated : 2021-02-25 04:29 GMT+08:00