Seoul Stock Market Hits Nearly Five-Month High Driven by Foreign and Institutional Buying

SEOUL — South Korean stocks soared to a near five-month peak on Thursday, the final trading day of 2023, propelled by robust buying from foreign and institutional investors. The Korea Composite Stock Price Index (KOSPI) climbed 1.6 percent to close at 2,655.28, the highest since August 1.

According to Yonhap News Agency, the local stock market's upward trend was fueled by optimism for the coming year and Samsung Electronics' strong performance. The trade volume was moderate with 450.6 million shares traded, valued at approximately 9 trillion won. Foreign investors and institutions were the main buyers, offsetting individual sales.

Key market players like Samsung Electronics, SK hynix, LG Energy Solution, and Samsung SDI showed significant gains. The auto industry, represented by Hyundai Motor and Kia, and banking shares like Shinhan Financial Group and KB Financial Group, also experienced growth. The construction sector responded positively to news about Taeyoung Engineering and Construction's debt restructuring program.

The South Korean won strengthened against the dollar, and bond prices rose, indicating lower yields. The financial market in South Korea will reopen on Monday for the first trading session of the new year.

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