South Korean stocks shot up by the most in six years Tuesday, rebounding from the previous session's deep trough, as investors brushed off concerns over the newly nominated Federal Reserve chair and went bargain hunting. The Korean won also rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) climbed 338.41 points, or 6.84 percent, to close at a new high of 5,288.08, a sharp upturn from the previous day's plummet.
It marked the steepest daily increase since March 24, 2020, when the index rose by 8.6 percent, according to data provided by the Korea Exchange (KRX), South Korea's main bourse operator.
Trade volume was heavy at 666.5 million shares worth 29.3 trillion won (US$20.3 billion). Winners outnumbered losers 825 to 75.
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