By Kim Tae-gyu
Staff Reporter
The domestic financial markets extended their winning streaks to four days Thursday thanks to institutional investors, who posted a net buying of 144 billion won. The markets have risen nine times out of the 10 latest trading days.
The benchmark KOSPI edged up 6.16 points, or 0.53 percent, to end at 1,175.91, while the junior Kosdaq added 1.47 points, or 0.43 percent, closing at 340.3.
The Korean won also rose 2.49 percent to 1,292 won per dollar, breaking the 1,300 level for the first time in six weeks in terms of the closing price.
``Basically, the markets are showing a rally as investors are gaining confidence in the economy over the short-term. The trend is likely to continue,'' said Lee Sun-yup, an analyst at Goodmorning Shinhan Securities.
``In particular, institutions snapped up lots of shares throughout today. That helped the KOSPI finish in positive territory for four days in a row,'' he said.
Lee said it was important to break through the psychological important 1,200 level. If this happens, he expects the KOSPI to move upward faster than now through the year-end.
Despite the overnight tumbles on the U.S. stock market, the KOSPI started on a positive note, jumping to 1,183.38 points, up 1.17 percent from the previous close.
The Dow Jones Industrial Average, composed of 30 blue chips, fell 69 points to 8,555.09 Wednesday while the tech-loaded Nasdaq lost 17.38 points to close at 1,572.51.
In the afternoon session, the KOSPI fell below its previous close but gained in the closing minutes.
The world's biggest chipmaker Samsung Electronics moved up 1.85 percent to 468,000 won while its cross-city rival LG Electronics dipped 6.63 percent to 76,100 won.
Steel makers advanced as the foremost player POSCO inched up 0.2 percent to 392,500 won while Dongkuk Steel Mill edged up 0.36 percent to 27,700 won.
Telecom operators gained with the nation's largest landline carrier KT jumping 4.03 percent to 38,700 won. No. 1 mobile operator SK Telecom added 1.9 percent to 214,500 won.
A total of 550.13 million shares changed hands worth 5.82 trillion won. Winners outpaced losers 451 to 373 with 20 shares reaching their daily limit up of 15 percent.