SEOUL, September 10 (AJP) - South Korea’s benchmark KOSPI index closed at a record high on Wednesday, lifted by heavy foreign and institutional buying amid optimism about potential U.S. interest rate cuts and speculation that the government may ease capital gains taxes for large shareholders.
The KOSPI gained 54.48 points, or 1.7 percent, to finish at 3,314.53, surpassing the previous record set more than four years ago.
Foreign investors led the rally, with net purchases of 1.38 trillion won (about $1 billion).
Analysts said the rally reflected improved sentiment after robust U.S. employment data, along with growing hopes that Korean policymakers will act to ease investor concerns over tax policy.
Market headwinds that weighed earlier this year — from a hawkish monetary stance by the U.S. Federal Reserve to disappointment over tax reform and fears of an AI bubble — appear to be fading, they said.
Among blue chips, KB Financial posted the sharpest rise, climbing 7 percent to 117,600 won. Chipmaker SK hynix advanced 5.6 percent to 304,000 won, while market bellwether Samsung Electronics gained 1.5 percent to 72,600 won.
The KOSDAQ, the country’s secondary tech-heavy index, also rose, adding 0.99 percent to close at 833.
reporter
Candice Kim
candicekim1121@ajupress.com
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