Seoul - The South Korean stock market closed higher for the third consecutive session, reaching its highest point in nearly two years, driven by significant gains in the financial and automotive sectors.
According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) rose by 0.94 percent to 2,718.76, marking its peak since April 22, 2022. The trading session saw a heavy volume of 587 million shares, valued at approximately 13.5 trillion won ($10.24 billion), with institutions and foreign investors leading the net purchases. Analysts attribute the surge to growing expectations for shareholder returns in the financial sector as the season for corporate shareholders' meetings approaches.
Additionally, the market's direction may be influenced by upcoming U.S. economic data. Notably, financial giants Shinhan Financial and KB Financial saw substantial increases, while key players in the auto industry, Hyundai Motor and Kia, also experienced gains. However, secondary battery manufacturers faced declines, partly due to a drop in Tesla's stock.