Koreans stocks opened lower on Monday as investors sat on the sidelines ahead of the U.S. Federal Reserve's rate-setting meeting this week. The benchmark Korea Composite Stock Price Index (Kospi) lost 8.31 points, or 0.2 percent.
The market capitalization of Korea's secondary Kosdaq market surpassed 500 trillion won ($340.1 billion) for the first time during intraday trading on Thursday, boosted by anticipation of the government's market-boosting measures.
The Kospi rebounded to close higher on Thursday, reclaiming the 4,000-point mark, as Nvidia’s record revenue soothed investor jitters over an AI bubble.
The Kospi plummeted more than 3 percent on Tuesday, retreating below the 4,000 mark as the U.S. Federal Reserve signaled a slower pace of rate cuts and investors grew cautious ahead of U.S. economic data releases delayed by the government shutdown.
The combined net profit of listed Korean companies jumped more than 25 percent from a year earlier in the first nine months of the year, the bourse operator said Tuesday, though such an increase was focused on the country's two chipmakers.
Korean stocks started higher Monday, driven by sharp gains of semiconductor shares on bargain hunting. The benchmark Korea Composite Stock Price Index (Kospi) rose 38.39 points, or 0.96 percent, to 4,049.96 in the first 15 minutes of trading.
The Kospi broke the 4,000 point threshold on Monday ahead of the scheduled meeting between U.S. and Chinese leaders, as well as the upcoming APEC summit in Korea later this week.
The Kospi soared 2.11 percent as of 9:16 a.m. to hit a record-high of 4,024.81, the highest figure ever since Korea started tracking the Korea Composite Stock Price Index in 1983.
Kospi increased 59.84 points, or 1.56 percent, to close at 3,883.68, pushing its bullish streak onward with strong performances by chip, auto battery and bio shares.
Korean stocks hit a fresh all-time high Thursday, driven by rallies in technology and automobile shares, amid optimism over a possible trade deal with the United States.
Korea JoongAng Daily Sitemap
