You are here

South Korea: Stocks snap 4-day losing streak as US rate cut bets rise

doc762lsgmirp11jficedoz_doc749xi3j5ci81kz0igkli.jpg
South Korean stocks snapped a four-session losing streak to end higher on Thursday, boosted by rising hopes of a rate cut by the US Federal Reserve, in a choppy session due to caution ahead of Samsung Electronic's second-quarter results.

[SEOUL] South Korean stocks snapped a four-session losing streak to end higher on Thursday, boosted by rising hopes of a rate cut by the US Federal Reserve, in a choppy session due to caution ahead of Samsung Electronic's second-quarter results.

The KOSPI benchmark index closed up 12.71 points, or 0.61 per cent, at 2,108.73, snapping a four-session losing streak.

The KOSPI index closed higher tracking solid global markets, after Wall Street closed at record highs on expectations of a rate cut by the Fed, said Lee Young-gon, an analyst at Hana Financial Investment. South Korean market had been choppy on worries over Japan's export curbs and ahead of Samsung's second-quarter profit announcement, Lee added.

The KOSPI has risen 3.32 per cent so far this year, and gained 1.7 per cent in the previous 30 trading sessions.

REUTERS

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes