KOSPI Breaks 3,000 Barrier After 3 Years As Tech Stocks Soar
South Korea's KOSPI surges past 3,000 points for first time since 2022, powered by tech giants Samsung and SK Hynix. Market reforms boost investor confidence.
South Korea's key stock index breached the 3,000-point mark for the first time in more than three years on early Friday morning, driven by gains in big-cap tech shares.
The benchmark Korea Composite Stock Price Index (KOSPI) had risen 31.84 points, or 1.07 percent, to 3,009.58 as of 11:15 a.m. It marked the first time the KOSPI hit the 3,000-point threshold since Jan. 3, 2022, reports Yonhap news agency.
KOSPI surpassed the mark for the first time ever in its history on January 6, 2021.
Tech behemoth Samsung Electronics gained 0.84 percent, while its chipmaking rival SK hynix jumped 3.25 percent.
Bio shares were strong, with Samsung Biologics up 1.8 percent and Celltrion gaining 1.87 percent.
Leading battery maker LG Energy Solution soared 3.78 percent, and defense giant Hanwha Aerospace went up 1.71 percent.
Kakao, the operator of the country's dominant mobile messenger, surged 3.48 percent, and major shipbuilder HD Hyundai Heavy advanced 2.21 percent.
Also Read : Stock Market Opens In Green; Nifty At 24,858, Sensex Jumps Over 220 Points
But nuclear power plant manufacturer Doosan Enerbility slipped 1.97 percent, and HD Korea Shipbuilding dropped 1.45 percent.
The local currency was trading at 1,373.6 won against the greenback at 11:15 a.m., up 6.6 won from the previous session.
South Korea has taken a series of measures to improve foreign accessibility to its equity and currency markets, but such access still remains limited, global index provider Morgan Stanley Capital International (MSCI) said on Friday.
In its 2025 market accessibility review report, MSCI said the South Korean market has implemented a series of foreign exchange market reforms, such as the extension of trading hours and the allowance of foreign players to participate in the onshore forex market.
The global index provider, however, noted there is no offshore currency market and that constraints persist on the onshore currency market.
"Despite these reforms, the registration process continues to face operational hurdles. Moreover, the limited usage of omnibus accounts and over-the-counter transactions has constrained the impact of related regulatory initiatives," it said.
MSCI raised its rating on Korea's stock short selling to positive from negative as Seoul fully lifted its stock short selling ban, reintroduced in November 2023, in late March while taking new regulatory and technical measures aimed at enhancing oversight of the trading method.
The global index provider said it will continue to monitor developments to assess the stability of the regulations over time.
South Korea remained on MSCI's emerging market list last year as the country reimposed the ban on stock short selling.
(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)
Top Headlines
