KOSPI rebounds after its largest daily drop in 7 years on Thursday

Published on 12 Oct 2018, 10:36
코스피, '폭락 충격' 딛고 하루 만에 반등

Yesterday, South Korea's benchmark index suffered its largest daily drop in almost seven years.
The KOSPI bounced back during mid-day trading and closed more than 1-point-5 percent higher than the previous session.
Ko Roon-hee breaks down the digits for us.
In Friday's session, Korea's main index closed at over 21-hundred-60... recovering some of what was lost on Thursday when it plunged more than 4 percent.

The KOSPI added 1-point-5-1 percent to close at just under 21-62... for the first gain in nine sessions.

Analysts attribute the recent string of losses to the rising trade tensions between China and the U.S.,... and fears of contagion in emerging markets.
This is because many Korean companies depend greatly on exports to these economies.

"U.S. is the second largest export destination for Korea. And Korean firms have substantial investment in U.S. and U.S. firms have substantial investment in Korea, so whenever the U.S. stock market moves, the Korean stock market tends to move the same way."

In mid-day trading Friday, the index briefly touched the 21-70 mark as foreigners and institutions looked for bargains.
Also, U.S. inflation pressure has softened slightly.

"The fear of inflation I mentioned, has lessened somewhat, because the U.S. just issued a report, inflation report, and September inflation rose only 0.1% during the month."

Meanwhile... Korea's tech-heavy, junior index, the KOSDAQ, closed at 7-hundred-31-point-5... up almost 3-and-a-half percent from the previous session.
The Korean currency closed at over 1-thousand-1-hundred-and-30 won against the U.S. dollar, up 13 won from the previous close.
Ko Roon-hee, Arirang News.

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