As expectations for an end to the U.S.-Iran war spread, the domestic financial market rebounded sharply on the 1st. The KOSPI surged more than 8%, ...
Amid prospects for an end to the U.S.-Iran war, the KOSPI index rose more than 5% and a buy sidecar was triggered on the 1st. The KOSPI index is displayed in the Hana Bank dealing room in Jung-gu, Seoul.
Reporter Jeong Hyo-jin As expectations for an end to the U.S.-Iran war spread, the domestic financial market rebounded sharply on the 1st. The KOSPI surged more than 8%, quickly moving above the 5,400 level, and the exchange rate plunged by about 29 won to fall below 1,510 won. The KOSPI closed at 5,478.70, up 426.24 points from the previous session, turning higher for the first time in five trading days. The percentage gain and point increase for the day were the largest since the index jumped 490.36 points on the 5th of last month. Historically, the percentage gain ranked fifth and the point increase ranked second. Semiconductors, which had been markedly weak, rose sharply and led the index. Samsung Electronics closed at 189,650 won, up 22,400 won from the previous session, and SK Hynix finished at 893,000 won, up 86,000 won . The KOSDAQ also closed at 1,116.18, up 63.79 points from the previous session, reclaiming the 1,100 level in a single day. A buy sidecar was triggered during trading on both the KOSPI and KOSDAQ. The won was also strong. The dollar-won exchange rate, which had topped 1,530 won the previous day, ended the daytime session at 1,501.3 won, down 28.8 won from the previous close. This reflected the spread across global financial markets of expectations for an end to the war after U.S. President Donald Trump hinted at an end. Reflecting this, U.S. Treasury yields and the dollar fell, while gold, stocks, and crypto assets rose. Verbal intervention by the foreign exchange authorities in the morning also contributed to the decline in the exchange rate.
Fifth Largest On Record Exchange Rate Plunges 29 Won
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