Investing.com | Editor Pollock Mondal
Published Nov 02, 2023 04:15AM ET
South Korean stocks experienced a significant surge on Thursday, with the KOSPI index climbing 41.56 points, or 1.81%, to close at 2,343.12. The rally was largely driven by the US Federal Reserve’s decision to maintain its key rate at a 22-year high, a move that led to a sharp rise in the local currency against the dollar. The day’s trading volume reached an impressive 370 million shares, valued at approximately 7.57 trillion won ($5.63 billion).
While there were net sales by foreign investors and individuals, institutional investors offset this with net purchases of 273.5 billion won in shares.
Several major South Korean companies saw their shares rise following the news. Tech giants Samsung Electronics (KS:005930) and SK Hynix experienced bullish closes, largely influenced by AMD (NASDAQ:AMD)’s optimistic outlook for the AI chip business. Battery manufacturers LG Energy Solution and Samsung SDI also saw stock increases, along with carmakers Hyundai (OTC:HYMTF) Motors and Kia, and auto parts maker Hyundai Mobis.
However, not all companies shared in the market uplift. Asiana Airlines’ shares fell by 8.68% following its announcement of plans to sell its cargo business. This move is part of efforts to facilitate Korean Air’s takeover approval from EU regulators. Despite the overall positive trend in the market, this development underscores the complexity and unpredictability of individual company performance within broader market dynamics.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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Written By: Investing.com
