SEOUL — The South Korean stock market experienced a notable uptick in the late morning on Wednesday, driven by significant gains among large cap stocks.
According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) rose by 40.98 points, or 1.59 percent, reaching 2,617.18 by 11:20 a.m. The positive movement in the market followed an optimistic start, influenced by overnight gains in Wall Street, setting a favorable tone for the day's trading.
Institutional investors turned net buyers, reversing a two-day trend of net selling, while foreign investors continued to accumulate South Korean stocks up to the mid-morning mark. This shift in investment patterns contributed to the overall market's positive performance. Leading the charge, major companies in the technology and chemicals sectors saw appreciable increases in their stock values. Samsung Electronics, a major player in the market, saw its stock price rise by 0.94 percent. LG Chem, a leading chemical producer, also enjoyed gains, with its stock advancing by 1.73 percent.
In the battery sector, LG Energy Solution experienced a significant jump, with its stock price surging by 3.71 percent, indicating strong investor confidence. Similarly, Samsung SDI, another key competitor in the battery market, witnessed a notable spike of 4.95 percent in its stock price. These movements underscored the strength of South Korea's large cap stocks in driving the market's upward trajectory.
Additionally, the South Korean won strengthened against the U.S. dollar, trading at 1,324.60 won, up by 3.0 won from the close of the previous session. This currency appreciation reflects the positive sentiment prevailing in the financial markets, further buoyed by the strong performance of key stocks and sectors.