The KOSPI, South Korea’s main stock index, maintained its rising pattern for another day following a rise past the 6,600 mark the day before.
As reported by the Korea Exchange on the 28th, the KOSPI started at 6,646.80, reflecting a 0.48% increase compared to the previous trading day. Earlier, the KOSPI ended at 6,615.03, rising 2.15% from the prior day’s closing figure, which was its first instance exceeding the 6,600 mark.
Samsung Electronics was valued at 222,750 South Korean won, reflecting a 0.78% decline in early trading. Meanwhile, SK Hynix, which rose by 3% during pre-market sessions prior to the official trading period, was being traded at 1,312,000 South Korean won, showing an increase of 1.55% as of 9:05 a.m.
In the stock market, individual investors acted as net buyers, purchasing 221.3 billion South Korean won worth of securities (buying more than selling). Foreign and institutional investors, on the other hand, were net sellers, selling 185.3 billion South Korean won and 30.2 billion South Korean won respectively.
The market believes the future trend of the KOSPI may vary based on the U.S. Federal Reserve’s benchmark interest rate decision by the Federal Open Market Committee (FOMC) on the 29th, along with earnings reports from major U.S. technology firms on the 29th and 30th. Lee Jae-man, a researcher at Hana Securities, stated, “If the Fed maintains current interest rates, the KOSPI index is expected to rise to the 7,540 level, and if rates are reduced once or twice, it might reach 8,470.”
On the same day, the KOSDAQ began at 1,226.76, rising 0.05% compared to the previous trading session, but quickly dropped after the opening, falling 0.98% to 1,214.19 by 9:09 a.m. In the Seoul foreign exchange market, the won’s value against the dollar started the week at 1,474.1 won, an increase of 1.6 won.
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