The KOSPI broke through the 2600 line thanks to foreign buying. It’s been a year since last June. The exchange rate sank to the 1,300 won level on news of the elimination of the US default risk.
In the stock market on the 2nd, the KOSPI finished at 2601.36, up 32.19 points (1.25%) from the previous day. The index opened at 2582.41, up 23.60 points (0.92%) from the battlefield, and after increasing the rise, crossed the 2600 line at the end of the chapter. It is the first time in about a year since June 9th of last year (2625.44) that the KOSPI exceeded the 2600 line based on the closing price.
The rise of the KOSPI was led by foreigners. On this day, foreigners net bought about 380 billion won in the stock market, leading the market rise. Recently, foreign investors have been showing a strong buying trend for semiconductor-related stocks. Samsung Electronics closed the day at 72,200 won, up 1,300 won (1.83%) from the previous day. Eight stocks, including Samsung Electronics, among the top 10 stocks by market capitalization, all closed with gains, except for Samsung Biologics (-0.38%) and SK Hynix (0%). The KOSDAQ closed at 868.06, up 0.5% from the previous day.
The won-dollar exchange rate fell to the 1,300 won level as the won strengthened. In the Seoul foreign exchange market, the won-dollar exchange rate closed at 1305.7 won, down 15.9 won from the previous day. After starting at 1312.0 won, down 9.6 won, the decline in the intraday increased. The drop in the exchange rate is interpreted as the result of the dissolving of default concerns following the conclusion of the US debt ceiling negotiations. According to the Chicago Mercantile Exchange (CME) FedWatch, the Federal Funds Rate (FFR) futures market forecast a 77.2% chance that the Fed will freeze its policy rate at the Federal Open Market Committee (FOMC) this month. The Dollar Index, which measures the value of the dollar against six major currencies, fell 0.09 percent to 103.46.
Reporter Lee Do-hyung [email protected]
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