Kospi jumps 2.7% as easing inflation concerns lift stocks

Shares climbed 2.66 percent Friday as easing inflation concerns and renewed foreign buying lifted AI-linked stocks.

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A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 6,894.23 points on Sept. 18, up 178.82 points, or 2.66 percent, from the previous trading session.
A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 6,894.23 points on Sept. 18, up 178.82 points, or 2.66 percent, from the previous trading session.

Seoul stocks advanced by more than 2 percent on Friday on eased inflation woes. The local currency weakened against the dollar.

The Kospi closed up 178.82 points, or 2.66 percent, at 6,894.23.

“The Kospi has brushed off macro concerns, while foreigners returned to the local market, powered by AI momentum,” Lee Kyoung-min, an analyst from Daishin Securities, said.

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The analyst was referring to the recent drop in oil prices and easing concerns over inflation following the Federal Reserve's decision to hike the base rate by a quarter percentage point for the first time in over three years.

Foreign investors, in particular, turned to net buyers after extending their selling binge to a seventh day, Lee added.

Yonhap

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