By Choi Kyong-ae
Staff Reporter

Share prices closed sharply higher across the board on active buying from foreign and institutional investors, with the benchmark index hitting the highest level in five and a half years.

The Korea Composite Price Index closed up 7.81 points, or 0.77 percent, at 1,026.82. It is the highest closing level since Jan. 4, 2000, when it closed at 1,059.04. The Kosdaq index also closed up 3.44 points, or 0.66 percent, at 519.85.

The main stock market opened weaker on higher oil prices and weak Wall Street stocks overnight, but turned higher later in the morning and extended gains as institutional and foreign investors actively bought Samsung Electronics and other blue-chip stocks.

Dealers said the won’s weakness against the dollar helped stabilize general sentiment, providing a boost to export-oriented stocks that are expected to benefit most from a weaker won. A weaker won makes Korean exports cheaper in world markets.

But retail investors were net sellers, taking profits of recent gains.

Samsung Motor, Hyundai Motor and other blue chips led the market’s rally. Samsung Electronics closed up 12,000 won, or 2.38 percent, at 516,000. Hyundai Motor closed up 1,500 won, or 2.41 percent, at 63,700.

godamon@koreatimes.co.kr