KOSPI Closes at Record High Despite Majority of Stocks Declining

South Korean stocks closed at a record high on June 22 as semiconductor shares advanced following the conclusion of the first round of talks between the United States and Iran. The benchmark KOSPI rose 62.13 points, or 0.69 percent, to 9,114.55 after touching an intraday peak of 9,253.00, Yonhap reported. The index had opened 1.08 percent lower.

Trade volume reached 377.2 million shares valued at 41.4 trillion won ($26.9 billion). Losers outnumbered winners 739 to 148. Retail investors bought a net 2.15 trillion won of stocks while institutions purchased a net 308.4 billion won; foreign investors sold a net 2.55 trillion won.

On June 21 the two countries agreed on a 60-day roadmap to a final agreement, according to a statement from mediating nations Qatar and Pakistan. Iran had closed the Strait of Hormuz and President Donald Trump had repeated threats to resume attacks on Iran before the talks concluded.

SK hynix shares rose 5.61 percent to 2.92 million won, surpassing Samsung Electronics in market capitalization for the first time.

SK Square gained 10.67 percent to 1.97 million won and Hanmi Semiconductor added 2.2 percent to 301,500 won. Hanwha Aerospace edged up 0.27 percent to 1.13 million won while Korea Aerospace Industries climbed 1.43 percent to 148,600 won. Samsung Electronics fell 0.14 percent to 353,500 won and Samsung Electro-Mechanics declined 1.85 percent to 2.23 million won.

Hyundai Motor dropped 5.22 percent to 581,000 won and LG Energy Solution lost 4.7 percent to 385,500 won. Samsung Life Insurance slid 9.36 percent to 450,500 won and Samsung Biologics retreated 5.75 percent to 1.3 million won. The Korean won traded at 1,537 per U.S.