Home / Business and Economy / Korean Stocks Rebound: KOSPI Hits Highs, Won Strengthens
Korean Stocks Rebound: KOSPI Hits Highs, Won Strengthens
12 Dec
Summary
- KOSPI index rose approximately 1% to around 4,150.
- Institutions were significant net buyers of Korean stocks.
- The won strengthened slightly against the dollar.
South Korea's stock market demonstrated a strong rebound, with the KOSPI index surging by approximately 1% to trade above the 4,150 mark. This positive momentum was fueled by significant net buying from institutional investors, who injected over 200 billion Korean won into the market, driving gains in most top market capitalization stocks.
The KOSDAQ index also saw an upward correction after an initial dip, though its performance was more varied among its leading constituents. Individual investors were the sole net buyers in the KOSDAQ market, contrasting with foreign and institutional investors who were net sellers. The Korean won also appreciated slightly against the U.S. dollar, opening lower and indicating improved currency stability.
This domestic market activity occurred against a backdrop of mixed signals from the U.S. stock market, which saw the Dow Jones and S&P 500 reach record highs while the Nasdaq Composite declined. A notable trend of "rotation" was observed, with funds moving from tech stocks to traditional industries anticipating potential interest rate cuts.
