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 Korean Kospi index has neared the 7,000 mark after a five-day winning streak, ending at 6,977.94, a 2.42% increase from the previous day. This surge reached the 7,000 level for the first time in three weeks on Friday, before the index pulled back as investors took profits following the streak. The gains were driven by foreign investors buying a net 3.03 trillion won worth of shares, while institutional and retail investors sold off shares, netting a loss of 1.02 trillion and 1.98 trillion won, respectively.
Tech giants SK hynix and Samsung Electronics led the market's ascent, with SK hynix rising 3.26% to close at 1,645,000 won and Samsung Electronics gaining 2.43% to finish at 274,500 won. These gains were fueled by positive sentiment in the memory chip sector, buoyed by Sandisk's upbeat outlook during its investor day. Sandisk forecasted mid- to high-single-digit revenue growth, signaling optimism in the sector.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- KOSPI nears 7,000 after 5-day winning streak koreatimes.co.kr
