Despite Failure in US Debt Ceiling Negotiations... KOSPI Rises for 7 Consecutive Trading Days

On the 23rd, the domestic stock market closed higher. The KOSPI rose for the seventh consecutive trading day, and notably, the KOSDAQ recorded a nearly 2% increase, approaching the 860 level.

On this day, the KOSPI closed at 2,567.55, up 10.47 points (0.41%) from the previous trading day. Institutional investors net bought 401.6 billion KRW, while individual and foreign investors net sold 341.2 billion KRW and 52.6 billion KRW, respectively.

Among the top 10 market capitalization groups in the KOSPI market, LG Energy Solution (2.50%), Samsung Biologics (0.64%), LG Chem (2.71%), and Samsung SDI (1.43%) closed higher. Samsung Electronics (-0.15%), SK Hynix (-0.31%), and Kia (-0.11%) ended the day slightly lower.

Earlier that morning, President Joe Biden and Republican House Speaker Kevin McCarthy held the third round of negotiations regarding the U.S. federal government debt ceiling but failed to reach an agreement. However, with additional negotiation schedules still pending, both sides described the talks as "productive," increasing the likelihood of a last-minute deal.

On the same day, the KOSDAQ closed at 859.16, up 7.12 points (1.84%) from the previous trading day. Although individuals net sold 66.6 billion KRW, foreign and institutional investors net bought 60.1 billion KRW and 23.2 billion KRW, respectively.

Most of the top market capitalization groups in the KOSDAQ showed strength. EcoPro BM closed at 243,500 KRW, up 2.96%, and L&F (5.18%) and HLB (3.16%) also ended higher.

Meanwhile, in the Seoul foreign exchange market, the KRW-USD exchange rate closed at 1,312.7 KRW, down 5.4 KRW.

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