Kospi rises for 2nd session on export strength, easing Fed rate concerns
Korean stocks climbed 1.64 percent as strong AI-linked exports and easing U.S. rate concerns boosted investor appetite.
A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 6,687.21 points on Sept. 4, up 107.73 points, or 1.64 percent, from the previous trading session.
YONHAP
Stocks rose for a second consecutive session Friday to finish nearly 2 percent higher, as the country's strong export figures and easing concerns over U.S. interest rate hikes fueled risk appetite. The Korean won rose against the U.S. dollar.
The benchmark Kospi closed up 107.73 points, or 1.64 percent, to 6,687.21, following a 0.26 percent gain the previous day.
Trade volume was light at 235.5 million shares worth 17.46 trillion won ($12.9 billion). Winners outnumbered losers 546 to 309.
The index was lifted by foreign and institutional investors, who scooped up a combined net 2.15 trillion won. Retail investors offloaded 3.72 trillion won.
"Rate hike concerns eased following comments from Federal Reserve Gov. Christopher Waller, while risks stemming from the Middle East and the yen carry trade persist," said Lee Kyoung-min, an analyst from Daishin Securities.
On Thursday, Gov. Waller signaled he could lean toward keeping rates steady at the September Fed meeting, saying recent trends "suggest we are finally seeing some signs of disinflation."
The Bank of Korea's data reaffirmed Korea's robust exports related to AI, as the country posted its second-largest current account surplus in July, marking the 39th consecutive month for the balance to stay in the black.
Market top-caps closed mixed, with semiconductors and oil refiners among the winners.
Samsung Electronics rose 2.2 percent to 255,500 won, while its rival SK hynix added 3.2 percent to 1,647,000 won.
Refiner SK Innovation shot up 5.73 percent to 138,300 won, and S-Oil jumped 6.36 percent to 157,300 won amid continued conflict between the United States and Iran.
Brent crude futures, the international oil benchmark, rose above $95 per barrel as of Thursday, while U.S. Vice President JD Vance ruled out any negotiations with Iran as long as Tehran continues to target commercial shipping.
Among the decliners were battery maker LG Energy Solutions, which fell 1.92 percent to 358,500 won, and financial firm KB Financial, which dipped 3.32 percent to 172,000 won.
The Korean won weakened by 8.9 won from the previous session, quoted at 1,350.4 won against the U.S. dollar as of 3:30 p.m.
Yonhap
