Home > Business > Finance

Kopsi surges amid market optimism

Published: 03 Nov. 2023, 17:21

KIM JU-YEON
[email protected]

Screens in Hana Bank's trading room in central Seoul show the Kospi closing at 2,368.34 points on Friday, up 1.08 percent, or 25.22 points, from the previous trading session. [YONHAP]

Shares advanced for the third consecutive session Friday amid optimism that the U.S. rate-hike cycle has come to an end. The local currency rose sharply against the dollar.

The Kospi shot up 25.22 points, or 1.08 percent, to close at 2,368.34.

Trading volume was moderate at 567 million shares worth 7.86 trillion won ($5.94 billion), with gainers outnumbering losers 717 to 159.

Foreigners dumped a net 134.8 billion won worth of local shares, and individuals sold a net 302 billion won. Institutions bought a net 162.3 billion won.

The U.S. Federal Reserve has kept its benchmark lending rate steady at a 22-year high for a second consecutive time this week, boosting global stock markets.

“South Korean shares gathered ground as the yield on the 10-year U.S. Treasury reached the 4.6 percent level, with the Korean won rising sharply against the greenback,” Kim Jee-hyun, an analyst from Kiwoom Securities, said.

Samsung Electronics edged down 0.14 percent to 69,600 won. SK hynix gained 0.4 percent to 125,800 won.

Battery makers also finished higher, with LG Energy Solution rising 2.68 percent to 402,000 won and Samsung SDI advancing 0.67 percent to 454,000 won.

Chemical shares closed sharply higher as well, with LG Chem rising 3.4 percent to 471,000 won and SK Innovation jumping 7.45 percent to 137,100 won. Amorepacific increased 1.19 percent to 133,300 won.

Naver shot up 5.08 percent to 200,500 won as well after the company said its third-quarter net profit jumped 53.8 percent from last year, powered by robust commerce growth.

The local currency ended at 1,322.40 won against the dollar, down 20.5 won from the previous session's close.

Bond prices, which move inversely to yields, closed higher. The yield on three-year government bonds fell 2.6 points to 3.95 percent, and the return on the benchmark U.S. 10-year government bond dropped 7.1 points to 4.66 percent.

BY KIM JU-YEON, YONHAP [[email protected]]