KOSPI Logs New High After 2.5 Years Thanks to Samsung Electronics’ Stellar Q2 Earnings

The benchmark Korea Composite Stock Price Index(KOSPI) logged a new high after some two-and-a-half years on Friday, topping the two-thousand-860 mark following Samsung Electronics’ announcement that it will post stronger than expected earnings for the second quarter.

The KOSPI climbed 37-point-29 points, or one-point-32 percent, on Friday to close at two-thousand-862-point-23, posting the highest figure since January 18, 2022. 

The market capitalization for the benchmark index rose to two-thousand-338-point-three trillion won or some one-point-69 trillion dollars, the second largest figure ever to be recorded. 

In the securities market, foreign investors’ net purchase of South Korean stocks exceeded one-point-three trillion won and such purchases by institutions amounted to more than one-point-25 trillion won. 

Also on Friday, individual investors sold stocks worth some two-and-a-half trillion won. 

Earlier in the day, Samsung Electronics disclosed that it expects to post ten-point-four trillion won, or seven-point-five billion U.S. dollars, in operating profits in the second quarter, up one-thousand-452 percent from a year earlier.