S. Korean stocks soar to record high on optimism over US-China trade talks
South Korean shares closed at a fresh record high for the fourth consecutive session on Monday, driven by optimism over easing trade tensions between the United States and China.
The Korean won also strengthened against the U.S. dollar, News.Az reports, citing Yonhap.
The benchmark Korea Composite Stock Price Index (KOSPI) climbed 65.8 points, or 1.76 percent, to 3,814.69, following record rallies last week. Trade volume was moderate at 404.82 million shares worth 14.1 trillion won (US$9.9 billion), with gainers outnumbering decliners 595 to 285.
Institutional investors were net buyers, acquiring shares worth 642.8 billion won, while foreign investors sold a net 250.8 billion won, and individual investors offloaded 408.4 billion won.
Investor sentiment was boosted after U.S. President Donald Trump confirmed on Friday that he agreed with Chinese President Xi Jinping to resume trade negotiations "as soon as possible," easing concerns over the prolonged trade dispute.
"The KOSPI is riding the broader rebound in Asian markets amid easing U.S.-China trade tensions and reduced credit risk," said Lee Jae-won, an analyst at Shinhan Securities. Market hopes were further supported by Seoul’s $350 billion trade deal with Washington, with officials reporting "substantive" progress on key issues in recent tariff talks.
Major index heavyweights closed higher, led by technology and automotive stocks. Samsung Electronics rose 0.2 percent to 98,100 won, SK hynix gained 4.3 percent to 485,000 won, Hyundai Motor climbed 2.06 percent to 248,000 won, and Kia increased 2.14 percent to 114,500 won. Defense giant Hanwha Aerospace surged 4.5 percent to 953,000 won, while LG Energy Solution slipped 0.35 percent to 432,500 won.
The Korean won was quoted at 1,420.15 per U.S. dollar as of 3:30 p.m., up 1 won from the previous session.
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