Kospi tops 3,800 for 1st time
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US President Donald Trump said he would meet his Chinese counterpart Xi Jinping during the Asia-Pacific Economic Cooperation summit, slated to be held here soon, in a news interview. He further commented that the cumulative tariff rate on Chinese goods is "not sustainable."
Park Seong-cheol, an analyst at Yuanta Securities, said, "Major Asian stock markets are showing gains amid growing expectations for eased trade tensions."
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South Korea's benchmark Kospi broke past the 3,800 milestone for the first time Monday, lifted by expectations of an improvement in the global trade environment.
The Kospi closed at 3,814.69, rising by 65.8 points or 1.76 percent from the previous session.
After opening at 3,775.4, extending Friday’s rally, the index soon fell to as low as 3,728.38. It rose into positive territory at around noon and quickly surpassed the 3,800 mark, closing at the record high of 3,814.69. It was the first time the index crossed the 3,800 mark during intraday trading or at the close.
While retail investors remained net buyers in the earlier hours, they turned to profit-taking in the afternoon, offloading 409 billion won ($288 million) during the day. Foreign investors net sold shares amounting to 250 billion won as well.
Institutional investors were the only net buyers on the bourse, pouring in roughly 643 billion won.
Blue-chip shares mostly posted gains. Market bellwether Samsung Electronics gained 0.2 percent, while SK hynix rose 4.3 percent and Samsung Biologics surged 1.61 percent from the previous session. LG Energy Solution inched down 0.35 percent.
The market’s overall gain came on the back of eased tensions in the tit-for-tat tariff tussle between the US and China.
US President Donald Trump said in an interview that he would meet his Chinese counterpart Xi Jinping during the Asia-Pacific Economic Cooperation summit, slated to be held here soon. He further commented that the cumulative tariff rate on Chinese goods is "not sustainable."
Officials hinting at progress in Seoul-Washington trade talks also lifted investor sentiment.
Kim Yong-beom, director of national policy at the presidential office, said Seoul saw “practical progress” in narrowing differences in tariff talks with Washington as he returned from a four-day trip to Washington on Sunday.
Market analysts attributed the market gain to signs of diminishing trade frictions. The local stock market reacts sensitively to shifts in the global trade environment, as Korea's economy is highly dependent on exports.
"The Korea-US trade agreement is coming into clearer view. Expectations have also been boosted by a weekend golf outing between Trump and top business leaders from Korea. Some even suggest that the trade deal could be officially finalized during Trump’s scheduled visit to Korea on Oct. 29," said KB Securities analyst Lim Jung-eun.
“The Kospi is riding the rebound in Asian equity markets driven by signs of easing US-China trade tensions and reduced credit risk," added Lee Jae-won, an analyst at Shinhan Securities.
The Kospi has been on a record-breaking rally in October, successively surpassing historic milestones.
On Oct. 2, the Kospi closed at 3,549.21, marking its first-ever finish in the 3,500 range. The following trading day, on Oct. 10, the index ended the session at 3,610.6, soaring past the 3,600 mark. On Thursday, the index wrapped up trading at 3,748.37, roaring past 3,700 for the first time.
The secondary bourse Kosdaq closed at 875.77, gaining 16.23 points or 1.89 percent from the previous session.
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