KOSPI Ecstatic at Biden Win

  • By Kim Ji-seop

    November 10, 2020 11:59

    An electronic board at KEB Hana Bank headquarters in Seoul shows the Korea Composite Stock Price Index closing at 2,447.20 points on Monday. /Yonhap

    The Korea Composite Stock Price Index surged to the highest point this year on news that Joe Biden has won the U.S presidential election while the dollar fell.

    The KOSPI closed up 1.27 percent at 2,447.20 points on Monday, approaching to the record of 2,468.83 points set on June 12, 2018.

    The junior Kosdaq also rose 1.72 percent to 851.21 points.

    Foreign investors were the main drivers as the strengthening won against the dollar pushed up foreign capital influx.

    President-elect Biden's administration is expected to increase fiscal spending, which leads to a weaker greenback. That in turn means exchange gains once investors cash in their Korean stocks.

    The won closed up W6.5 at W1,113.90, the highest since January last year.

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