You are here
South Korea: Stocks snap 4-day losing streak as US rate cut bets rise
[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.