KOSPI nears 7,000 after five-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 briefly reclaimed the 7,000 level for the first time in three weeks on Friday, marking the end of a five-day winning streak. This milestone was achieved as foreign investors injected funds into semiconductor stocks, buoyed by positive sentiment towards the memory chip sector and easing U.S. inflation concerns. The index surged nearly 25% from its low of July 30, closing at 6,977.94, a gain of 2.42% from the previous session.
However, gains were short-lived as investors took profits following the impressive streak. Foreign investors invested a net of 3.03 trillion won ($2.13 billion) in shares, while institutional and retail investors collectively sold a net of 1.02 trillion won and 1.98 trillion won, respectively. Notably, SK hynix and Samsung Electronics led the gains, with SK hynix rising 3.26% to close at 1,645,000 won and Samsung Electronics climbing 2.43% to finish at 274,500 won.
This surge in the memory chip sector was further fueled by Sandisk's optimistic long-term outlook, revealed during its investor day, which projected robust revenue growth in the mid- to high-range.
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- KOSPI nears 7,000 after five-day winning streak koreatimes.co.kr
