Seoul stocks soar over 2% on eased inflation woes
Seoul stocks advanced by more than 2 percent Friday on eased inflation woes. The local currency rose against the greenback. The benchmark Korea Composite Stock Price Index (KOSPI) closed up 178.82 points, or 2.66 percent, at 6,894.23. Trade volume was moderate at 321.35 million shares worth 25.56 trillion won ($18.5 billion). Losers outnumbered winners 463 to 407. "The KOSPI has brushed off macro…
South Korean stocks experienced a significant surge of over 2% on Friday, as concerns over inflation began to ease. The Korea Composite Stock Price Index (KOSPI), which serves as a benchmark for the market, closed at 6,894.23 points, marking a 2.66% increase. The local currency strengthened against the US dollar during this period.
However, the overall market activity was relatively balanced, with 463 stocks declining and 407 gaining. Despite this, the KOSPI has shown resilience and dismissed macro concerns. Foreign investors have returned to the local market, driven by momentum in the artificial intelligence sector and the recent decline in oil prices. Following the Federal Reserve's decision to raise the base interest rate by a quarter percentage point for the first time in over three years, foreign investors have become net buyers of Korean stocks.
Institutional investors also contributed to the positive market sentiment, purchasing a net 1.5 trillion won worth of shares. Conversely, retail investors sold off a net 3.59 trillion won, indicating a shift in their investment behavior.
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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- (2nd LD) Seoul stocks soar over 2 pct on eased inflation woes en.yna.co.kr
- Seoul stocks soar over 2% on eased inflation woes koreatimes.co.kr
