KOSPI Surges Past 6,600 as US Rate Concerns Ease
Korean stocks rebounded on Friday as US rate concerns eased, lifting investor sentiment. The KOSPI climbed back above 6,600 and closed higher in Seoul, while the Kosdaq ended a four-session losing streak.
The rally was fueled by comments from Federal Reserve Gov. Christopher Waller, who signaled he could support keeping interest rates unchanged at this month's meeting if incoming inflation data confirm that price pressures are continuing to ease.
Major US chipmakers gained amid the upbeat market sentiment, with Nvidia rising 1.80 percent and Micron Technology advancing 0.22 percent. This helped bolster Korean semiconductor stocks, with Samsung Electronics and SK hynix closing 2.40 percent and 3.32 percent higher, respectively.
The won also strengthened, gaining 8.9 won to close onshore trading at 1,350.4 per dollar in the Seoul foreign exchange market.