In a strong bullish trend, South Korea’s benchmark Kospi reached a fresh year-high Friday, surging past the 3,200 milestone during early trading hours.
Shortly after the opening bell, the Kospi jumped as high as 3,216.69, extending its rally for the week. It marked the first time the benchmark index surpassed the 3,200 threshold since September 2021. The latest milestone came just a day after the Kospi closed at a fresh high of 3,183.23.
The Kospi opened at 3,186.35, up 0.1 percent from the previous day’s close. After reaching its intraday peak, the index quickly pared gains and dropped as low as 3,175.30. As of 10:30 a.m., it stood at 3,197.35.
The index’s gain was capped by sustained net selling from foreign investors. Offshore investors offloaded shares worth 57.3 billion won ($41 million) as of 10:30 a.m., while institutional investors sold 31 billion won. Retail investors were the sole net buyers, purchasing shares amounting to 84.6 billion won.
The secondary Kosdaq index stood at 803.47 as of 10:30 a.m., up 5.75 points, or 0.72 percent, from the previous trading day. It was the first time the tech-heavy bourse had returned to the 800-point range since June 25.
The Korean won was quoted at 1,372.3 per dollar at the market open and hovered around that level during early trading. As of 10:30 a.m., it stood at 1,373.8 against the greenback.
silverstar@heraldcorp.com
