SEOUL, May 24 (Xinhua) -- South Korean stocks kept a record-breaking momentum for the third consecutive day on Wednesday amid expectations for the new government's economic policies.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.60 points, or 0.24 percent, to settle at 2,317.34. Trading volume stood at 380.45 million shares worth 5.35 trillion won (4.8 billion U.S. dollars).
The main index broke previous record highs for three straight days on expectations that President Moon Jae-in would unveil economic policies to reduce income inequality.
On his campaign trail, Moon pledged to decrease the number of irregular workers. Since his inauguration on May 10, he visited a public corporation and vowed to keep his election pledges.
Earlier in the day, Moon set up a so-called "bulletin" of labor market conditions in his office to focus his economic policy on job creation.
The president planned to draw up a supplementary budget this year, which would be solely used for creating jobs. Moon also planned to increase the number of employees in public corporations.
Demand got strong for the income-based economic growth as consumers here refrained from spending money amid the rapidly aging population and massive household debts.
Childbirths continued to fall and couples delayed, or gave up, marriage on the growing costs for living and falling household income.
Institutional investors led the KOSPI gain by purchasing a net 75 billion won worth of local stocks. Foreign and individual investors sold shares worth 84 billion won and 35 billion won.
Market bellwether Samsung Electronics inched down 0.1 percent, but memory chip giant SK Hynix gained 1.3 percent. Top mobile operator SK Telecom rose 2.4 percent, and the biggest life insurer Samsung Life Insurance added 1.3 percent. The state-run power supplier Korea Electric Power Corp. climbed 1.1 percent, and the most-used search engine Naver picked up 1.2 percent.
South Korea's currency finished at 1,126.8 won against the greenback, down 2.6 won from the previous close.
Bond prices ended lower. Yields on the liquid three-year treasury notes added 1.5 basis points to 1.691 percent, and the return on the benchmark 10-year government bonds gained 2.0 basis points to 2.269 percent.
