SEOUL, April 21 (AJP) - South Korea’s benchmark KOSPI touched new heights in early Tuesday session with its new bullish momentum undisturbed by the uncertainties in the Middle East ahead of the expiration of truce between the U.S. and Iran as it prices in record first-quarter reports from SK hynix scheduled for Thursday.
As of 9:50 a.m., the main index stood at 6,341.94, up 1.94 percent, after topping 6,350 earlier in the session on heavy foreign buying from the open. The level marks the highest since a 6,307.27 close on Feb. 26, before the Gulf war erupted. The KOSDAQ slipped 0.11 percent to 1,173.55.
Gains were led by semiconductor stocks. SK hynix jumped 4.7 percent to 1,221,000 won, while Samsung Electronics rose 1.98 percent to 218,750 won, as brokerages rushed to raise target prices on expectations that second-quarter earnings will outpace their already strong first-quarter performance.
Automakers also edged higher ahead of earnings this week. Hyundai Motor gained 1.71 percent to 536,000 won, while Kia added 0.57 percent to 158,300 won.
Battery and energy shares rallied, with LG Energy Solution surging 9.09 percent to 468,000 won, Doosan Enerbility climbing 3.24 percent to 114,600 won and SK Square rising 3 percent to 722,000 won.
In industrials, HD Hyundai Heavy Industries advanced 2.67 percent to 538,000 won after signing a memorandum of understanding in India for a joint-venture shipyard project.
Samsung Biologics fell 0.62 percent to 1,595,000 won, while Hanwha Aerospace slipped 0.21 percent to 1,422,000 won.
The U.S. dollar gained 0.90 won from overnight to 1,473.20 won amid a renewed rise in oil prices.
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