SEOUL - The South Korean stock market extended its gains into a third day, buoyed by optimism that the United States Federal Reserve may be pausing its rate increases. The Korean won also saw a significant appreciation against the dollar.
The Korea Composite Stock Price Index (KOSPI) saw a notable increase, climbing 25.22 points to end at 2,368.34, a 1.08 percent uplift. The trade volume was substantial, with transactions totaling approximately 7.86 trillion won.
According to Yonhap News Agency, Kiwoom Securities analyst Kim Jee-hyun, the favorable market movement was influenced by the steady U.S. Treasury yield and a stronger Korean won, which surged in value against the U.S. dollar.
Notable movements in the market included a slight dip for Samsung Electronics and a modest rise for SK hynix. The battery and chemical sectors experienced robust growth, with LG Energy Solution and SK Innovation posting significant gains. The positive market sentiment was further bolstered by Naver's announcement of a substantial rise in its third-quarter net profit, leading to a surge in its share price.
In the currency market, the won's performance was strong, closing at 1,322.40 against the dollar, marking a notable rise from the previous session.
In the bond market, yields fell slightly, indicating a rise in bond prices. The three-year Treasury yields dipped, as did the returns on the benchmark five-year government bonds.