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South Korean stocks hit new high for three trading sessions
Last Updated: 2017-07-17 17:32 | Xinhua
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South Korean stocks hit a new record high Monday, keeping the record-breaking trend for the third consecutive trading session.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 10.47 points, or 0.43 percent, to settle at a new high of 2,425.10. Trading volume stood at 252.17 million shares worth 4.8 trillion won (4.3 billion U.S. dollars).

The record-breaking trend followed China's announcement earlier in the day of better-than-expected gross domestic product (GDP) results.

The GDP of China, South Korea's biggest trading partner, expanded 6.9 percent year on year in the first half of this year. It was well above the government's target for the year of 6.5 percent.

China's second-quarter GDP grew 6.9 percent, holding steady from a 6.9 percent expansion in the first quarter.

Helped by the positive GDP data from China, the KOSPI raised its record-high figure by more than 10 points. The intra-day high was 2,430.34.

Expectations were running high for the upcoming earnings season as Samsung Electronics announced its preliminary earnings result earlier in the month that were better than market forecast.

Major South Korean companies were scheduled to announce the second-quarter earnings later this week.

Shares of Samsung Group, the country's biggest family-controlled conglomerate, gained ground. Market bellwether Samsung Electronics rose 0.3 percent to close at a new high of 2.532 million won. The biggest life insurer Samsung Life Insurance advanced 1.2 percent, and the construction unit Samsung C&T rose 1.4 percent.

The state-run power supplier Korea Electric Power Corp. added 1.1 percent, and top steelmaker POSCO climbed 0.8 percent.

Auto shares lost ground. The No.1 carmaker Hyundai Motor shed 2.3 percent, and the biggest auto parts maker Hyundai Mobis lost 0.4 percent.

Foreign and individual investors sold 39 billion won and 113 billion respectively, but institutional investors bought a net 111 billion won worth of stocks.

South Korea's currency finished at 1,128.3 won against the greenback, up 5.0 won from the previous close.

Bond prices ended lower. Yields on the liquid three-year treasury notes rose 0.4 basis points to 1.754 percent, and the return on the benchmark 10-year government bonds gained 2.3 basis points to 2.272 percent.

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