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South Korean Stocks Rebound After Losses
6 Apr
Summary
- KOSPI index recovered after a four-day losing streak.
- Global markets faced a soft lead due to holidays and oil price surges.
- Technology and chemical stocks drove the KOSPI's sharp gains.
The South Korean stock market has shown signs of recovery, closing higher on Friday after a preceding four-day slump where it lost nearly 11 percent. The KOSPI index experienced a significant surge of 143.25 points, or 2.74 percent, ending the trading session at 5,377.30.
This rebound was largely propelled by strong performances in technology and chemical stocks. However, the broader Asian markets faced cautious trading conditions. This was due to numerous global markets being closed for Good Friday, coupled with persistent concerns over high oil prices and the prolonged conflict in the Middle East, which has now entered its fifth week.
The market sentiment was also influenced by external factors, including reports of a U.S. jet being downed in Iranian territory, further escalating regional tensions. Crude oil prices exceeded $112 per barrel. In contrast, positive U.S. employment data, showing a better-than-expected job increase and a slight easing of the jobless rate to 4.3 percent in March, provided some limited support.
