Kospi tops 5,020 to set new record

(Yonhap)

Seoul’s benchmark Kospi extended its rally Friday, setting a fresh all-time high above 5,020, a day after first breaking through the 5,000 mark.

The index opened 0.64 percent higher at 4,952.53 and reclaimed the 5,000 mark within minutes. After swinging around the milestone amid jittery early trading, the gauge advanced to an intraday peak of 5,021.13, surpassing Thursday’s record of 5,019.54.

The benchmark remained volatile, swinging around the low-5,000 range as of 10 a.m.

Retail investors initially led the advance before turning net sellers by 10 a.m. Institutional investors, which opened on the sell side, quickly reversed course and built net purchases of about 150 billion won by that time. Foreign investors remained net sellers, extending the previous session’s outflows.

Most heavyweight stocks were higher in morning trading, with Samsung Electronics, Samsung Biologics and Hyundai E&C holding steady gains. SK hynix, Hyundai Motor and LG Energy Solution, meanwhile, swung between losses and gains.

The tech-heavy Kosdaq also advanced, rising about 1 percent to trade near 980 early morning.