KOSPI nears 7,000 after 5-day winning streak
KOSPI capped a weeklong rally Friday, briefly reclaiming the 7,000 level for the first time in three weeks as foreign investors piled into semiconductor stocks amid stronger sentiment toward the memory chip sector and easing U.S. inflation. The index nearly rose 25 percent from its July 30 low. The benchmark KOSPI closed at 6,977.94, up 2.42 percent from the previous session. The index opened…
The KOSPI index experienced a brief surge to the 7,000 level on Friday, marking its first return to this mark in three weeks. This milestone was driven by foreign investors flocking to semiconductor stocks, buoyed by optimism surrounding the memory chip sector and the easing of U.S. inflation concerns. The index enjoyed a significant increase of 25 percent from its low point on July 30.
As of the close, the KOSPI stood at 6,977.94, reflecting a 2.42 percent gain from the previous session. Opening higher by 2.68 percent, the index managed to reclaim the 7,000 threshold before some of the gains were recaptured as profit-taking ensued following a five-day winning streak. During this period, foreign investors injected a net 3.03 trillion won ($2.13 billion) into the market, while institutional and retail investors exited positions worth 1.02 trillion won and 1.98 trillion won, respectively.
Notable performers in this rally included SK hynix, which saw a 3.26 percent increase to close at 1,645,000 won, and Samsung Electronics, which gained 2.43 percent to reach 274,500 won. This positive movement was fueled by a renewed sense of confidence in the memory chip sector, following Sandisk's upbeat long-term outlook presentation at its investor day.
The company expressed targeted revenue growth in the mid-to-high range, further reinforcing the sector's appeal to investors.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- KOSPI nears 7,000 after 5-day winning streak koreatimes.co.kr
