KOSPI Recovers to 2,100 Points
04 June, 2020
The Korea Composite Stock Price Index rose for a fourth session on Wednesday to close above 2,100 points for the first time in around three months.
The KOSPI closed up 2.87 percent at 2,147 points as a record W16.81 trillion worth of stocks were traded.
The KOSPI declined thirty percent since the coronavirus pandemic peaked in March but surged 47.3 percent during the last 10 weeks to return to 95 percent of the peak of 2,267.25 set on Jan. 22.
Noh Dong-kil at NH Investment and Securities said, "Investors are leaning more toward optimism than worsening real economical conditions and declining corporate earnings."
An electric board at KEB Hana Bank headquarters in Seoul shows the Korea Composite Stock Price Index closing at 2,147 points on Wednesday.
Foreign and institutional investors were the primary drivers. Individual investors cashed in around W1.33 trillion worth of stocks, while institutional investors snapped up around W1.16 trillion and foreign investors W200 billion.
The selling spree by foreign investors that was triggered by the pandemic appears to be slowly but surely slowing. Meanwhile, the junior Kosdaq index closed down 0.8 percent at 737.66 points.
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