Feb 20 • 01:06 UTC 🇰🇷 Korea Hankyoreh (KR)

KOSPI surpasses 5700 for the first time… a ‘safe haven’ despite the decline in New York stock market

On the 20th, South Korea's KOSPI index rose above 5700, continuing its upward trend despite a drop in the New York stock market.

On September 20th, the KOSPI index in South Korea achieved a historic milestone by surpassing 5700 points for the first time. This rise came despite declines in major U.S. indexes the previous day. As the trading started, KOSPI opened at 5696.89, reflecting an increase of 19.64 points, or 0.35%, and soon climbed to 5730 by 9:35 AM. This indicates a strong local market performance, isolating it from global downturns.

While major companies such as SK Hynix experienced slight declines, with a drop of 0.22%, and Samsung Electronics holding steady, other stocks made significant gains. Companies like Doosan Enerbility saw an increase of 6.4%, Hanwha Aerospace rose by 5.92%, and Hanwha Systems surged by 9.9%, contributing positively to the index’s performance and demonstrating resilience in certain sectors of the Korean market.

Conversely, the KOSDAQ index, which had risen significantly by 4.94% the previous day, opened lower with a slight drop of 0.57% to 1154.13. Additionally, the exchange rate of the won against the dollar rose to 1451.0 won, reflecting currency market movements amidst the fluctuating global economic environment. Overall, the KOSPI's growth amidst international market uncertainty highlights the localized strength of South Korea's economy and investor confidence in its market.

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