South Korean Stocks Surge to New High on Record Exports
South Korean stocks surged on Wednesday, with the Korea Composite Stock Price Index (KOSPI) climbing to a new high. The index added 31.23 points to close at 3,455.83, boosted by strong exports and positive sentiment from local and foreign investors.
The rally was driven by a record-breaking 12.7 percent year-on-year increase in South Korea's exports to $65.95 billion in September. Key sectors such as semiconductors, energy, and shipbuilding led the gains. Major companies like Samsung Electronics, SK hynix, and Doosan Enerbility saw significant increases, with Samsung C&T also posting a notable rise.
The trade volume was moderate, with 488.7 million shares worth 12.2 trillion won ($8.69 billion) changing hands. Foreigners and institutions were net buyers, while individuals were net sellers. This trend reflects growing optimism among institutional investors, particularly domestic pension funds and mutual funds, who have been increasing their purchases on the KOSPI in anticipation of an economic recovery and favorable corporate earnings.
The KOSPI's strong performance comes as investors anticipate another rate cut by the Federal Reserve due to concerns about the US economy. The local currency edged down against the US dollar, closing at 1,403.2 won. As the global economic outlook remains uncertain, investors continue to monitor key indicators and corporate earnings for further direction in the market.
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