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South Korea's Stocks Rally on Thursday
(MENAFN) South Korean stocks staged a dramatic rally Thursday, with the benchmark KOSPI surging more than eight percent in one of the session's most turbulent trading days of the year, propelled by a last-minute labor breakthrough at Samsung Electronics and fading fears over Middle East conflict.
The KOSPI closed 606.64 points — or 8.42 percent — higher at 7,815.59, while the tech-heavy KOSDAQ jumped 49.90 points, or 4.73 percent, to finish at 1,105.97. The KOSPI opened 3.85 percent in the green and extended gains steadily throughout the session, triggering buy sidecars in both the KOSPI and KOSDAQ markets — a mechanism that temporarily halts program trading for five minutes when KOSPI 200 futures move more than five percent in either direction.
Institutional investors spearheaded the surge, while retail and foreign investors opted to sell into strength and lock in profits.
Samsung Labor Deal and Iran Talks Fuel the Surge
The primary catalyst was a tentative agreement on performance bonuses between Samsung Electronics' management and its labor union, narrowly averting a general strike originally scheduled to begin Thursday. Investor anxiety over Middle East tensions also receded following reports that US-Iran nuclear negotiations had entered their final stages.
Blue-Chip Movers
Market bellwether Samsung Electronics climbed 8.51 percent, while memory chip heavyweight SK Hynix soared 11.17 percent. Leading automaker Hyundai Motor posted the session's standout gain among blue chips, surging 12.50 percent. Battery giant LG Energy Solution rose 4.29 percent, and biopharmaceutical contract manufacturer Samsung Biologics advanced 4.34 percent.
Shipbuilding leader HD Hyundai Heavy Industries gained 5.66 percent and energy infrastructure firm Doosan Enerbility climbed 7.01 percent. Defense contractor Hanwha Aerospace was the lone laggard among majors, slipping a marginal 0.08 percent.
On the currency front, the South Korean won closed its daytime session at 1,506.1 won per dollar as of 3:30 p.m. local time (0630 GMT), a modest decline of 0.7 won from the prior session's close.
The KOSPI closed 606.64 points — or 8.42 percent — higher at 7,815.59, while the tech-heavy KOSDAQ jumped 49.90 points, or 4.73 percent, to finish at 1,105.97. The KOSPI opened 3.85 percent in the green and extended gains steadily throughout the session, triggering buy sidecars in both the KOSPI and KOSDAQ markets — a mechanism that temporarily halts program trading for five minutes when KOSPI 200 futures move more than five percent in either direction.
Institutional investors spearheaded the surge, while retail and foreign investors opted to sell into strength and lock in profits.
Samsung Labor Deal and Iran Talks Fuel the Surge
The primary catalyst was a tentative agreement on performance bonuses between Samsung Electronics' management and its labor union, narrowly averting a general strike originally scheduled to begin Thursday. Investor anxiety over Middle East tensions also receded following reports that US-Iran nuclear negotiations had entered their final stages.
Blue-Chip Movers
Market bellwether Samsung Electronics climbed 8.51 percent, while memory chip heavyweight SK Hynix soared 11.17 percent. Leading automaker Hyundai Motor posted the session's standout gain among blue chips, surging 12.50 percent. Battery giant LG Energy Solution rose 4.29 percent, and biopharmaceutical contract manufacturer Samsung Biologics advanced 4.34 percent.
Shipbuilding leader HD Hyundai Heavy Industries gained 5.66 percent and energy infrastructure firm Doosan Enerbility climbed 7.01 percent. Defense contractor Hanwha Aerospace was the lone laggard among majors, slipping a marginal 0.08 percent.
On the currency front, the South Korean won closed its daytime session at 1,506.1 won per dollar as of 3:30 p.m. local time (0630 GMT), a modest decline of 0.7 won from the prior session's close.
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