Seoul, June 5 (Yonhap) – South Korea’s benchmark Korea Composite Stock Price Index (KOSPI) demonstrated remarkable upward momentum on Wednesday, briefly surpassing the 2820-point mark during intraday trading.
At 10:17 AM local time, the KOSPI stood at 2819.35, reflecting a significant gain of 48.51 points, or 1.75%, compared to the previous trading day. The index opened strongly, rising by 0.7% (19.49 points) to 2790.33, before continuing its ascent, breaching both the 2800 and 2810 levels, and ultimately peaking at 2820.5 points. This marks the first time the KOSPI has exceeded 2820 during intraday trading since July 18 of last year, when it reached 2824.35.
The surge was primarily driven by strong performances in the semiconductor, defense, nuclear power, and secondary battery sectors. Examining specific sectors, electronics, machinery, manufacturing, IT services, general services, and non-metallic minerals all experienced gains. Conversely, real estate, securities, and finance sectors showed relative weakness.
Concurrently, the tech-heavy KOSDAQ also experienced positive movement, indicating broad market optimism.
This rapid climb reflects growing investor confidence in the South Korean economy and the performance of key industries. The KOSPI’s ability to break through the 2820 resistance level after nearly a year suggests a potential for further growth in the near term. Market analysts will be closely watching to see if this bullish trend can be sustained.
References:
- Yonhap News Agency. (2024, June 5). 韩综合股指涨势迅猛近10个月盘中再破2820点 [KOSPI surges, breaks 2820 mark for first time in 10 months]. Retrieved from [Insert URL if available, otherwise omit].
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