Kospi hits new yearly high on US rally, easing tariff tensions
The benchmark index opened 0.58 percent higher at 3,089.64 and briefly surpassed the 3,130 mark around 9:35 a.m. It extended gains to reach 3,133.52 by 10:20 a.m., surpassing its previous peak of 3,129.09 set last Wednesday — the highest level in nearly four years.
Strong buying momentum kept the index hovering around 3,130, with trading volume surpassing 530 billion won ($392 million) within the first 90 minutes.
Equities drew support from a strong overnight performance in US markets, where the S&P 500 closed at a record 6,207.95 and the tech-focused Nasdaq hit 20,369.73. Sentiment was further lifted by hopes for a resolution to global tariff disputes and growing expectations for market-friendly regulatory reforms in Korea.
Foreign and institutional investors led the rally, snapping up a net 200 billion and 480 billion won, respectively, as of 10:30 a.m. Foreign investors returned to net buying after four straight sessions of heavy selling, during which they dumped 2.2 trillion won worth of Kospi shares.
Retail investors turned net sellers, offloading a net 640 billion won to lock in gains.
The Kosdaq also posted modest gains, opening 0.42 percent higher at 784.8 and trading around 786.5 in the morning. Institutional investors turned net sellers, while both retail and foreign investors pared positions.
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