South Korea Shares Soar as Cool US Inflation Ignites Global Tech Rally
South Korean stocks closed sharply higher Wednesday, thanks to overnight gains on Wall Street in response to softer-than-expected U.S. inflation data. U.S. consumer prices declined by a seasonally adjusted 0.4% in June, the largest monthly decline since April 2020. This brought annual inflation to 3.5% from the broader market expectation of 3.8%. Core inflation was unchanged from May, with the annual rate easing to 2.6%, below forecasts of 2.9%. The Korea Composite Stock Price Index, or Kospi, increased by 427.58 points, or 6.2%, to end at 7,284.41. The Kosdaq also rose by 45.45 points, or 5.8%, to close at 829.43. The Korea Exchange activated a five-minute buy-side sidecar on the country's primary and secondary stock markets on Wednesday morning after investors rushed to buy semiconductor stocks amid an upbeat AI sector outlook despite tensions in the Middle East. The Korea Exchange announced the order at 9:06 am after the KOSPI200 Futures added 71.50 points, or 6.5%, to trade at 1,170.60, and at 9:17 am after the KOSDAQ150 Futures index added 83 points, or 6.1%, to trade at 1,439.50. In economic news, the average shipping charge for a 40-foot container from South Korea to.
South Korean stocks closed sharply higher Wednesday, thanks to overnight gains on Wall Street in response to softer-than-expected U.S. inflation data.
U.S. consumer prices declined by a seasonally adjusted 0.4% in June, the largest monthly decline since April 2020.
This brought annual inflation to 3.5% from the broader market expectation of 3.8%.
Core inflation was unchanged from May, with the annual rate easing to 2.6%, below forecasts of 2.9%.
The Korea Composite Stock Price Index, or Kospi, increased by 427.58 points, or 6.2%, to end at 7,284.41.
The Kosdaq also rose by 45.45 points, or 5.8%, to close at 829.43.
The Korea Exchange activated a five-minute buy-side sidecar on the country's primary and secondary stock markets on Wednesday morning after investors rushed to buy semiconductor stocks amid an upbeat AI sector outlook despite tensions in the Middle East.
The Korea Exchange announced the order at 9:06 am after the KOSPI200 Futures added 71.50 points, or 6.5%, to trade at 1,170.60, and at 9:17 am after the KOSDAQ150 Futures index added 83 points, or 6.1%, to trade at 1,439.50.
In economic news, the average shipping charge for a 40-foot container from South Korea to.