KOSPI Rallies at Last
04 December, 2018
A ceasefire in the trade war between the U.S. and China caused the Korea Composite Stock Price Index to stage a long-awaited rally.
The KOSPI closed up 1.67 percent on Monday at 2,131,93 points. It was the highest close since Oct. 22. The top-ranked companies all rose, with Samsung Electronics up 3.35 percent, SK Hynix up 1.29 percent and LG Chemical up 5.64 percent.
A staffer smiles in front of an electronic board in the trading room of the Korea Exchange in Seoul on Monday.
The over-the-counter Kosdaq also closed up 1.97 percent at 709.46 led by foreign and institutional buying.
The stock price rally was triggered by an agreement between U.S. President Donald Trump and Chinese President Xi Jinping to resume talks while halting additional tariff hikes.
The worst-case scenario has been averted, while investors believe a resolution is on the horizon.
Other Asian bourses also closed up. Japan's Nikkei closed up one percent, while the Shanghai composite index closed up 2.57 percent.