Korea’s benchmark Kospi jumped back above the 3,900 mark Friday, hitting a fresh intraday record as investors welcomed news that Washington and Beijing have officially confirmed the date of their anticipated summit.
The index rose as much as 1.83 percent to 3,915.84 in early trading, before easing slightly to 3,897.9 as of 10:25 a.m. The rally came after the White House announced that US President Donald Trump will meet Chinese President Xi Jinping in Korea on Oct. 30, a day after talks with President Lee Jae Myung in Gyeongju, North Gyeongsang Province, as part of Trump’s Asia tour from Friday to Oct. 30.
The confirmation eased market anxiety over renewed trade tensions, which had briefly rekindled a day earlier following reports that the US was considering new software export restrictions to China.
The Kospi, which broke the 3,900 barrier for the first time on Thursday, had ended lower on those concerns.
Semiconductor stocks led Friday’s rebound, with heavyweights Samsung Electronics and SK hynix advancing alongside other blue chips. Institutional and foreign investors were net buyers, purchasing 284.5 billion won ($198 million) and 121.7 billion won worth of shares, respectively. Retail investors sold about 406.4 billion won.
Market participants said the confirmed summit schedule raised optimism that the two global powers could ease their technology and trade frictions. “Investors are betting on a thaw in US-China relations, which could stabilize global supply chains and benefit Korea’s export-driven sectors,” said a Seoul-based analyst.
The Korean won opened stronger Friday, starting at 1,436.7 against the greenback, down 2.9 won from the previous session, as easing trade tensions calmed recent volatility. The currency had briefly weakened beyond the 1,440 level on Wednesday, hitting a six-month low amid worries over escalating US-China friction, before rebounding as those concerns subsided.
During a meeting with top financial officials on Friday, Deputy Prime Minister and Finance Minister Koo Yun-cheol said the Kospi’s record run reflected the combined impact of improved semiconductor prospects and ongoing policy reforms such as the commercial law amendment and the “one-strike-out” rule against unfair trading.
“Foreign capital inflows have strengthened as expectations for chip sector recovery grow, and overall financial markets remain stable,” Koo said.
hnpark@heraldcorp.com
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