KOSPI rebounds to close above 7,000 for 1st time in 5 sessions
Summary
KOSPI rebounded on Friday in Seoul to close above 7,000 for the first time in five sessions as late buying erased earlier losses. The benchmark rose 32.39 points, or 0.46 percent, to 7,003.74. The won also strengthened, while the Kosdaq slipped 0.11 percent.
Key Facts
- KOSPI opened 33.08 points, or 0.47 percent, lower at 6,938.27 before reversing course.
- The index briefly fell as much as 0.62 percent and later swung between gains and losses before turning higher near the close.
- The won rose 7.8 won against the dollar to finish onshore trading at 1,350.6 won per dollar.
- Kosdaq closed at 893.29, down 1 point, or 0.11 percent, after briefly reclaiming the 900 mark for the first time in three months.
- Samsung Electronics fell 0.18 percent, while SK hynix ended 0.44 percent higher, and Samsung had bought back 53.8 million shares by Thursday.
An electronic board displays the closing levels of the KOSPI and Kosdaq indexes at Hana Bank’s dealing room in central Seoul, Friday. KOSPI rose 32.39 points, or 0.46 percent, to close at 7,003.74, reclaiming the 7,000 level for the first time in five trading sessions. Yonhap
KOSPI regained the 7,000 level on Friday, ending above the threshold for the first time in five trading sessions as a late rebound erased earlier losses.
The benchmark index added 32.39 points, or 0.46 percent, to finish at 7,003.74. After opening 33.08 points, or 0.47 percent, lower at 6,938.27, it extended its decline to as much as 0.62 percent. The index then swung between gains and losses before moving higher toward the close.
Early selling reflected profit-taking ahead of the National Foundation Day holiday and caution over U.S. Treasury yields. Buying interest subsequently recovered, drawing support from an overnight rise in U.S. artificial intelligence (AI) and semiconductor shares following Micron’s strong earnings.
“The market paused after the previous day’s KOSPI rally, with little fresh news from Wall Street overnight,” Kang Jin-hyuk, an analyst at Shinhan Securities, said. “A retreat in U.S. Treasury yields after an intraday rise helped steady sentiment, while a Federal Reserve official’s reluctance to rush into further rate hikes offered some relief.”
Wall Street’s three main indexes posted modest gains overnight. AI and chip stocks also advanced, with Micron climbing 3.03 percent.
The yield on the U.S. 10-year Treasury note briefly hit 5.342 percent, a level last seen on April 3, 2002. Expectations of another interest rate increase nevertheless eased after a Fed official signaled a cautious approach to further tightening.
Speaking at the University of Virginia, Fed Vice Chair Philip Jefferson stressed the need to weigh trends in incoming data and changes in the economic outlook before making further policy adjustments. He said reaching individual judgments could require more time for him and his fellow policymakers.
Samsung Electronics edged down 0.18 percent, while SK hynix ended 0.44 percent higher.
Samsung had bought back 53.8 million shares by Thursday, meeting the target outlined in its earlier announcement. Purchases since August amounted to 100.96 percent of the planned total.
The tech-heavy Kosdaq, meanwhile, slipped 1 point, or 0.11 percent, to 893.29. Following an opening decline of 1.07 points, or 0.12 percent, to 893.22, the index briefly reclaimed the 900 mark for the first time in three months before surrendering its gains.
In the foreign exchange market, the won gained 7.8 won against the dollar to end onshore trading at 1,350.6 won per dollar.
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