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On the afternoon of the 9th, the first trading day after the results of the US presidential election, employees are working in an operating room at Hana Bank in Jung-gu, Seoul. On this day, the KOSPI closed at 2,447.20, an increase of 30.70 (1.27%) from the previous trading day, and the won-dollar exchange rate fell 6.5 won to 1,113.9 won. By Kim Myung-jin, Staff Reporter, [email protected]
The KOSPI rose for six consecutive days, reaching the highest level in 29 months. The won’s appreciation continued and the won-dollar exchange rate fell to the lowest level in 22 months. On this day, the KOSPI index registered 2447.20, an increase of 30.70 (1.27%) from the previous trading day. It is the highest level in approximately 29 months since June 12, 2018 (2,468.83). It also exceeded the annual maximum recorded on September 15 (2,443.58). Stocks continued to be bought following news of strong economic indicators, such as Democratic Party candidate Joe Biden’s declaration of victory in the US presidential election and China’s export forecasts. Foreigners and institutions net purchased 3.331 billion won and 355 billion won, respectively, and individuals net sold 676.3 billion won. Among the top stocks by market capitalization, Samsung SDI (SDI) rose about 7% and LG Chem (1.94%) rose relatively high, regaining third place in market capitalization in about three months. KOSDAQ also continued its uptrend. The KOSDAQ index closed at 851.21, an increase of 14.43 points (1.72%) from the previous trading day. On this day, the won-dollar exchange rate on the Seoul foreign exchange market ended at 1,113.9 won, 6.5 won less than the previous trading day. Based on the closing price, it is the lowest this year and the lowest level in a year and 10 months since January 31 of last year (1,112.7 won). On this day, the exchange rate decreased by 0.4 won, starting at 1120.0 won, and the drop increased. The main background is that the uncertainty surrounding the US presidential election has been resolved, and the Biden administration’s anticipation of a massive economic stimulus package fueled the outlook for a weak dollar. Some analysts say that Biden’s election has strengthened the preference for risky assets such as the currencies of emerging countries, including Korea. Unlike the Trump administration, the expectation that the confrontation between the United States and China will ease is one of the factors that raised the value of the won. If China’s growth is strong, it will increase the likelihood that the value of the yuan and the won will move along with it. By Kim Young-bae, Staff Reporter [email protected]
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