Seoul:<Text>
South Korean stocks closed at a fresh record high Thursday, nearing the 6,500-point mark, as investors focused on corporate earnings following the United States' indefinite extension of its ceasefire in the conflict with Iran. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 57.88 points, or 0.9 percent, to close at a record 6,475.81.
According to Yonhap News Agency, the index surpassed its previous all-time high for the first time in about two months on Monday and continued to set new record highs for three consecutive trading sessions. The trade volume was moderate, with 1.03 billion shares worth 39.86 trillion won (US$26.91 billion), and decliners outnumbering advancers 504 to 357. Retail investors were net buyers of 448.38 billion won worth of shares, while institutional and foreign investors sold a net 327.46 billion won and 52.91 billion won worth of shares, respectively.
The inde x opened 1.1 percent higher, tracking overnight gains on Wall Street, and experienced volatility throughout the session, briefly dipping into negative territory before recovering to close with a modest gain. Investor sentiment was buoyed after U.S. President Donald Trump announced a decision to extend a two-week ceasefire with Iran indefinitely amid stalled peace talks aimed at ending the conflict.
Sentiment was further supported by data showing that South Korea's real gross domestic product (GDP) posted its fastest quarterly expansion in 5 1/2 years in the first quarter, with 1.7 percent growth, demonstrating resilience despite the ongoing crisis. Peter Tuchman, a veteran trader at the New York Stock Exchange (NYSE), noted that the market impact of the conflict has already run its course, adding that the only remaining variable is oil prices.
Despite the ceasefire, tensions remain high in the Strait of Hormuz, as a U.S. blockade of Iranian ports continues and Iranian force s have seized container ships in the strategic waterway. These events have pushed up global oil prices amid supply disruptions, according to foreign media reports. Among the market's major players, Samsung Electronics surged 3.22 percent to 224,500 won, while its chipmaking rival SK hynix rose 0.16 percent to 1,225,000 won after reporting record first-quarter revenue and profit, driven by strong demand for high-bandwidth memory (HBM) and other memory products.
Artificial intelligence investment firm SK Square climbed 1.11 percent to 728,000 won, and nuclear power plant builder Doosan Enerbility jumped 5.78 percent to 122,600 won. Defense giant Hanwha Aerospace gained 0.64 percent to 1,425,000 won, while leading financial firm KB Financial added 0.38 percent to 158,000 won. However, major battery maker LG Energy Solution fell 3.72 percent to 466,500 won on profit-taking, and biopharmaceutical giant Samsung Biologics dropped 3.01 percent to 1,514,000 won.
Meanwhile, Hyundai M otor declined 1.66 percent to 532,000 won after the automaker reported a 23.6 percent on-year drop in first-quarter net profit, with its affiliate Kia also falling 1 percent to 158,400 won. Leading shipbuilder HD Hyundai Heavy remained unchanged at 641,000 won, while its rival Hanwha Ocean went down 0.44 percent to 134,400 won.
The local currency was quoted at 1,481 won against the U.S. dollar as of 3:30 p.m., down 5 won from the previous session, extending its losing streak to a second consecutive day amid rising global oil prices and foreign selling of local stocks. Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys added 9.3 basis points to 3.458 percent, while the return on the benchmark five-year government bonds rose 9 basis points to 3.652 percent.
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