Korean stocks rebounded Friday, with the KOSPI reclaiming the 6,600 level and closing higher in Seoul as easing U.S. rate concerns lifted sentiment. Foreign and institutional investors turned net buyers after five straight sessions of selling, helping drive the rally. The Kosdaq also ended a four-session losing streak, while the won strengthened against the dollar.
The KOSPI, Kosdaq and won-dollar exchange rate are displayed on a market board at Hana Bank’s dealing room in Seoul, Friday. KOSPI closed at 6,687.21, up 107.73 points, or 1.64 percent, from the previous session, while Kosdaq rose 23.29 points, or 2.95 percent, to finish at 813.50. Yonhap
Korean stocks climbed Friday, with the benchmark KOSPI reclaiming the 6,600 level as a rally on Wall Street and a pullback in U.S. Treasury yields improved investor sentiment.
Foreign and institutional investors turned net buyers after five consecutive sessions of selling, with net purchases of 479.3 billion won ($355 million) and 1.67 trillion won, respectively, providing a boost to the index.
KOSPI started the session 1.14 percent higher at 6,654.36, up 74.88 points from the previous close. The index remained in positive territory throughout the session and ended 107.73 points, or 1.64 percent, higher at 6,687.21.
