(Yonhap) South Korea’s benchmark Kospi surged to a record high Friday morning, breaking above the 3,600 mark for the first time as trading resumed after the Chuseok holiday.
After a weeklong national holiday that began last Friday, the index opened 1.38 percent higher at 3,598.1 and crossed the milestone within minutes, touching 3,605.2 at 9:02 a.m. and peaking at 3,606.86. Gains faded shortly after, with the gauge hovering around 3,595 by 9:20 a.m.
Foreign investors led the rally, snapping up more than 200 billion won ($141 million) in shares in the first 15 minutes. Retail investors followed with net purchases of about 70 billion won, while institutions offloaded roughly 280 billion won.
The Kospi extended its record-breaking run after closing at 3,549.2 in its previous session, when it breached the 3,500 level for the first time. The latest milestone came less than a month after the index hit 3,400 on Sept. 15 and just three trading days after topping 3,300 for the first time in over four years on Sept. 10.
jwc@heraldcorp.com