April 25, 2024

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Korea’s benchmark Kospi rose less than 1 percent, barely recovering past the 2,000 mark after crashing in the previous session Monday over expectations on an interest rate cut in the US. The local currency closed at 1,193.7 won against the US dollar, strengthening 20 won from the previous session’s close.

The benchmark bourse Kospi opened slightly high at 1,997.03 -- rising 10.02 points, or 0.5 percent, from the previous session. The index dipped below 1,980 points in the early morning, but then moved upward throughout the day to close at 2,002.51.

The tech-heavy secondary Kosdaq surged 2.77 percent to 627.66 points at Monday’s close as foreign and institutional investors net purchased a combined 229.9 billion won worth of stocks.

Amid the rapid spread of the novel coronavirus, Kospi sank below 2,000 points on Friday for the first time in five months.

Market watchers said the Monday rebound came after Fed Chairman Jerome Powell implied a rate cut in response to sluggish stock markets due to growing coronavirus scares.

By Choi Jae-hee/The Korea Herald (cjh@heraldcorp.com)