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Korea's benchmark index breaks another record Updated: 2014-07-28 12:13:43 KST

Korea's benchmark index breaks another record

The Korean stock market rose sharply during the fourth week of July.
The KOSPI closed at its highest level this year rising above the 2,30-mark last Friday led by gains in utility stocks.
Last Tuesday, foreign-ownership of Korean stocks amounted to more than 420 billion dollars.
This is just shy of the previous record set last October.
Kang Hyun-gie, an analyst at Seoul-based I'm Investment and Securities partly attributes the rise to low market interest rates.
Four major commercial banks in Korea have lowered interest rates by between zero.two-percentage points to 1-percent.
Kang says the KOSPI's rise is riding on the back of the economic recovery in China in the second quarter a sign Beijing's stimulus moves to boost domestic consumption are beginning to have an impact.
The world's second largest economy expanded 7.5-percent in the three-month period from a year ago up zero.one-percentage-point from the previous quarter.


"When we look at the types of industries leading the gains we can see they're related to electricity and communications. They aren't export-driven sectors, like the auto and steel industries, which traditionally reflect the state of the Korean economy as a whole."

The Korean economy grew zero.six percent in the second quarter from the previous period, its slowest pace in more than a year.
The analyst did not rule out the impact of economic plans laid out by the country's new finance minister, but says they alone could not have driven the record-breaking gains seen last week.
Kim Ji-yeon, Arirang News.

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