Kospi Index Surges 2% Amid Eased Inflation Concerns
The Kospi index rose by nearly 2% on Thursday, ending its three-day losing streak. The benchmark bourse gained 133.31 points to close at 6,917.35 as U.S. inflation data eased concerns over further rate hikes.
According to Lee Kyung-min, an analyst at Daishin Securities, the U.S. inflation data came in below market expectations, easing concerns over further tightening by the U.S. Federal Reserve. Investor sentiment also improved as strong earnings from Micron Technology coincided with an increase in Korea's semiconductor exports.
Market heavyweights ended higher, with Samsung Electronics gaining 2.79% to 276,000 won and SK hynix going up 3.21% to 1.83 million won. The local currency weakened by 5.6 won from the previous session to trade at 1,358.4 won against the greenback.