Kospi closes at 2,014.69, up 0.93%
- 5 years ago
코스피, 기관매수에 2,010대 회복
Turning to some stock market action now.
On Monday the KOSPI dipped below the 2-thousand mark for the first time in 22 months.
Fortunately, today, South Korea's benchmark index rebounded.
Kim Hyesung provides a closer look.
After falling for five straight sessions, South Korea's main index bounced back Tuesday.
The benchmark KOSPI recovered to above the 2,000 mark, closing at 2,014, up 9-tenths of a percent from yesterday's close.
The tech-heavy KOSDAQ also rose more than two percent, closing at 644.
Institutions purchased over 457 million U.S. dollar worth of shares, which offset the sell-off by foreign investors and local individuals.
The recovery in Korean stocks came after the country's top economic and financial authorities vowed to take market stabilization measures.
At an emergency meeting Tuesday morning, the Financial Services Commission chairman Choi Jong-ku said the agency will review a contingency plan and use it to help stabilize the stock market if necessary. The day before that, the FSC said it would inject 428 million U.S. dollars into undervalued local stocks.
The Finance ministry and Bank of Korea also said they would draw up measures if market instabilities persist.
"The government's announcement did help lift sentiment. But institutions purchasing of stocks was the main reason for the rebound today. But this is more likely a temporary rebound because foreign investors are still selling Korean stocks, and because other factors weighing on the market, including the U.S.-China trade spat, U.S. rate hike... and disappointing Korean companies' earnings results are still there."
U.S. President Donald Trump's interview with FOX news Monday night local time, in which he said a great deal with China on trade is possible, helped turn around market concerns in Asia.
U.S. stocks fell Monday on earlier media reports that the Trump Administration is preparing to impose more tariffs on Chinese goods.
Given Korea's slowing economy and its reliance on exports to China and the U.S., experts say the U.S.-China trade talks between President Trump and President Xi scheduled for next month at the G20 in Argentina are set to be the focus for investors in coming weeks.
Kim Hyesung, Arirang News.
Turning to some stock market action now.
On Monday the KOSPI dipped below the 2-thousand mark for the first time in 22 months.
Fortunately, today, South Korea's benchmark index rebounded.
Kim Hyesung provides a closer look.
After falling for five straight sessions, South Korea's main index bounced back Tuesday.
The benchmark KOSPI recovered to above the 2,000 mark, closing at 2,014, up 9-tenths of a percent from yesterday's close.
The tech-heavy KOSDAQ also rose more than two percent, closing at 644.
Institutions purchased over 457 million U.S. dollar worth of shares, which offset the sell-off by foreign investors and local individuals.
The recovery in Korean stocks came after the country's top economic and financial authorities vowed to take market stabilization measures.
At an emergency meeting Tuesday morning, the Financial Services Commission chairman Choi Jong-ku said the agency will review a contingency plan and use it to help stabilize the stock market if necessary. The day before that, the FSC said it would inject 428 million U.S. dollars into undervalued local stocks.
The Finance ministry and Bank of Korea also said they would draw up measures if market instabilities persist.
"The government's announcement did help lift sentiment. But institutions purchasing of stocks was the main reason for the rebound today. But this is more likely a temporary rebound because foreign investors are still selling Korean stocks, and because other factors weighing on the market, including the U.S.-China trade spat, U.S. rate hike... and disappointing Korean companies' earnings results are still there."
U.S. President Donald Trump's interview with FOX news Monday night local time, in which he said a great deal with China on trade is possible, helped turn around market concerns in Asia.
U.S. stocks fell Monday on earlier media reports that the Trump Administration is preparing to impose more tariffs on Chinese goods.
Given Korea's slowing economy and its reliance on exports to China and the U.S., experts say the U.S.-China trade talks between President Trump and President Xi scheduled for next month at the G20 in Argentina are set to be the focus for investors in coming weeks.
Kim Hyesung, Arirang News.