S. Korean stocks hit fresh record high above 6,400 on earnings outlook

SEOUL, April 22 (Yonhap) -- South Korean stocks rose to a fresh record high Wednesday, settling above the 6,400 level, as sound corporate earnings outlook outshined lingering uncertainty surrounding U.S.-Iran peace talks. The local currency fell against the U.S. dollar. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) rose 29.46 points, or 0.46 percent, to close at a new record high of 6,417.93, marking gains for three consecutive sessions and surpassing its previous record of 6,388.47 set on Tuesday. The index opened slightly lower as investors remained cautious about developments in the Middle East, even after U.S. President Donald Trump said he would extend the ceasefire until Tehran submits a "unified proposal." Trade volume was heavy at 892.4 million shares worth 30.7 trillion won (US$20.8 billion), with losers beating gainers 464 to 396. Individual investors led the record-breaking rally, purchasing a net 1.24 trillion won worth of stocks, while foreigners and institutions sold a net 674.9 billion won and 444.4 billion won, respectively. On Wall Street, U.S. stocks fell after U.S. Vice President JD Vance called off a trip to Pakistan, where Washington and Tehran had been expected to hold negotiations. The Dow Jones Industrial Average fell 0.59 percent, and the Nasdaq composite declined 0.59 percent. "Following Trump's ceasefire extension announcement, investors offloaded market heavyweights, such as Samsung Electronics and SK hynix, for bargain hunting," Kang Jin-hyuk, an analyst at Shinhan Securities, said. "Battery and electronics components shares led the market advance as they are widely expected to report strong first quarter earnings." Leading battery maker LG Energy Solution rose 1.36 percent to 484,500 won and Samsung SDI gained 2.17 percent to 659,000 won. Samsung Electro-Mechanics, an electronic components and modules affiliate of Samsung Group, jumped 5.18 percent to 812,000 won and power systems company LS Electric advanced 5.14 percent to 194,200 won. Defense companies closed in positive territory as industry leader Hanwha Aerospace rose 1.8 percent to 1.4 million won and LIG D&A surged 12.21 percent to 1.02 million won. Shipbuilders were also strong as HD Hyundai Heavy Industries soared 11.28 percent to 641,000 won and Hanwha Ocean added 2.9 percent to 135,000 won. However, semiconductor shares finished lower as Samsung Electronics fell 0.68 percent to 217,500 won and SK hynix dropped 0.08 percent to 1.2 million won. SK hynix is set to release its first quarter earnings this week. Major banking group KB Financial Group slid 1.87 percent to 157,400 won and food giant CJ Cheiljedang dropped 1.47 percent to 234,000 won. The Korean won was quoted at 1,476 won at 3:30 p.m., down 7.5 won from the previous session. Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys added 3.5 basis points to 3.365 percent, and the return on the benchmark five-year government bonds rose 2.1 basis points to 3.562 percent.