Korean stock markets soar in 15 trading days

As rolling up of expansionary policies is expected to be delayed, KOSPI rose more than 50 points and foreign investors recorded a net purchase in 15 trading days.

On Thursday, KOSPI closed at 1,834.70, up 2.87 percent or 51.25 points from the previous day. It has been nine months since KOSPI rose more than 50 points on Sept. 14 last year (56.89 points).

Foreigners recorded a net purchase worth 107 billion won (93 million U.S. dollars) during the day. Individual and institutional investors each recorded net sales worth 60 billion won (52 million dollars). Most sectors on the index, including electronics, transportation equipment and manufacturing, rose en masse. Stock price of Samsung Electronics, which has the biggest market capitalization, closed at 1.34 million won (1,170 dollars) per share, up 6.19 percent from the previous day.

KOSDAQ closed at 512.25, up 3.89 percent (19.18 points) from the previous day, restoring a 500 mark.

In the meantime, U.S. Dow Jones Industrial Average rose 1.02 percent, while Nasdaq Composite Index also went up 0.85 percent from a day earlier. Kim Yoo-gyeom, a researcher at LIG Investment & Securities Institute, said, “As the U.S. recorded lower-than-expected growth during the first quarter, expectations are high that the U.S. will not roll up quantitative easing soon, which has driven up global stock markets.”

Most Asian stock markets rose on the day. The Japanese Nikkei recorded a rise of average 2.96 percent along with the Taiwanese stock market climbing by 1.27 percent. Hit by credit crunch, however, China’s Shanghai Composite Index remained steady.