Summary
- The Kospi staged a sharp intraday rebound and closed at 7,844.01, a record high on a closing basis.
- Unlike the Kospi, the Kosdaq index ended at 1,176.93, showing weakness.
- In Seoul’s foreign-exchange market, the dollar-won exchange rate edged up to 1,490.6 won.
Forecast Trend Report by Period
South Korea’s Kospi erased early losses and surged to a record close. The benchmark slid to the low 7,400 range shortly after the open, then turned higher in the morning and finished above 7,800.
On May 13, the Kospi closed at 7,844.01, up 200.86 points, or 2.63%, from the previous session. It was an all-time high on a closing basis.
The index opened at 7,513.65, down 129.50 points, or 1.69%, from the previous close. It fell as low as 7,402.36 in early trading before turning positive at about 10:19 a.m. and rapidly extending gains.
In contrast, the Kosdaq finished lower. The index closed at 1,176.93, down 2.36 points, or 0.20%, from the previous session.
In Seoul’s foreign-exchange market, the dollar-won exchange rate stood at 1,490.6 won, up 0.7 won from the previous session’s daytime closing level at 3:30 p.m.
The stock market’s weak start contrasted sharply with where it finished. The Kospi rebounded quickly after opening lower and reset its record closing high, while the Kosdaq remained in negative territory through the close.
Hong Min-seong, Hankyung.com reporter mshong@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
