Booming Bourse
The KOSPI Index hit a record high for the year, closing at 2029.91 on March 17. It surpassed the level of 2020 six months after it did Sept. 30 last year.
Since both the housing market index and Empire State manufacturing index of the U.S. in March were poorer than expected, the relief of the concerns over the Federal Open Market Committee’s early increase of standard interest had a positive impact.
The strong buying trend of foreigners and organizations is another factor to pull up the index. Currently, foreigners are purchasing 352.2 billion won (US$312.59 million), while organizations are purchasing 95.9 billion won (US$85.12 million). Amid a general upturn of the index, construction (4.63 percent), textiles and garments (4.15 percent), and transportation equipment (3.41 percent) in particular have shown remarkable growth.
The KOSPI index of Samsung Electronics increased nearly 2 percent, while Hyundai Motor, Hyundai Mobis, and Kia Motors increased more than 3 percent. The figures of Cheil Industries and Samsung SDS grew more than 5 percent.