KOSPI Starts with Over 1% Rise, Recovers to '1900 Level'

[Image source=Yonhap News]

[Asia Economy Reporter Park Jihwan] On the morning of the 6th, the KOSPI showed a rise of over 1%, successfully recovering the 1900 level.

This is interpreted as being influenced by the New York stock market closing higher for the second consecutive day due to expectations of economic normalization. As movements to ease lockdown measures implemented to curb the spread of COVID-19 in various U.S. states increased, expectations for economic normalization grew.

As of 9:11 a.m., the KOSPI was at 1915.40, up 1.06% from the previous trading day. Earlier, on the 4th, the first trading day of this month, the KOSPI closed at 1895.37, down 2.68% from the previous day. This was due to concerns about a U.S. economic recession and fears that the U.S.-China trade dispute could intensify.

On this day, most of the top market capitalization stocks in the KOSPI rose. Samsung Electronics (0.72%), SK Hynix (0.99%), Samsung Biologics (1.08%), Naver (1.76%), Celltrion (0.49%), LG Chem (1.11%), Hyundai Motor (2.19%), and Samsung SDI (1.62%) all rose together.

The KOSDAQ index also rose 1.30% from the previous trading day to 650.28.

Among the top market capitalization stocks, all except Seegene were rising. On this day, Seegene showed a decline of 1.80% compared to the previous trading day. Meanwhile, Celltrion Healthcare (1.45%), HL Biopharma (0.21%), CJ ENM (1.05%), Celltrion Pharm (0.56%), and Pearl Abyss (1.25%) rose.

Seo Sangyoung, a researcher at Kiwoom Securities, explained, "Even if the U.S. economy reopens, employment insecurity still continues, so the possibility of U.S. consumption improving in the future is not high, which is a burden," adding, "The Korean stock market is expected to rise, but rather than expanding the rise, it is likely that some of the gains will be given back as selling pressure cannot be ruled out."

This content was produced with the assistance of AI translation services.