Seoul shares breach key level to hit record high

South Korean shares charted new territory on Thursday, rising above 1,200 points for the first time, as investors chased top local lender Kookmin Bank and other stocks with good earnings potential.
But a weaker Wall Street and concerns about the impact of an advancing hurricane on US consumer spending and crude production dented sentiment for exporters such as Samsung Electronics Co Ltd and held down broader gains.
The benchmark Korea Composite Stock Price Index hit an all-time high of 1,200.23, breaking above the psychologically-key 1,200 mark for the first time. The main index ended up 0.28 percent at 1,199.97, a closing record.
Expectations for month-end inflows of cash from instalment-type equity funds also pushed the market higher.
Monthly contributions by retail investors to professionally managed stock funds have helped lift the main index by a third since the start of the year, making it the biggest gainer among regional markets.
However, with the main index up nearly 11 percent in September alone, some analysts have been voicing concerns about a possible sharp correction.
Top local lender Kookmin Bank rose 1.31 percent to 62,000 won, after earlier touching its highest intraday level in over three years. The stock has surged 19.5 percent so far this month.
Plasma display panel maker Samsung SDI Co rose 2.39 percent to 107,000 won on hopes earnings would recover in the second half of the year. Kia Motors Corp rose 1.93 percent to 21,100 won, lifted by optimism it will increase its share of global markets. Samsung Electronics, slipped 0.17 percent to 600,000 won.
Trade volume reached around 474 million shares worth 4 trillion won compared to 503.4 million shares worth 4 trillion won on Wednesday. Gainers edged out decliners by 405 to 339 with 76 titles ending flat. Foreign investors sold a net 117.8 billion won in shares.
The December KOSPI 200 futures index rose 1.05 points to 156.05 and the underlying KOSPI 200 spot index edged up 0.37 point to 155.71. South Korea's junior and tech heavy Kosdaq market rose 0.80 percent to finish at 547.01.