KOSPI Recovers to 1700s... KOSDAQ Rises by Over 2%

[Asia Economy Reporter Oh Ju-yeon] On the 30th, the KOSPI, which had plunged more than 3% during the session, later reduced its losses and jumped above the 1700 mark.

As of 1:17 PM that day, the KOSPI stood at 1700.31, down 1.01% from the previous trading day. Although it fell 3.36% during the morning session, evoking fears of a 'Black Monday,' it soon narrowed its losses.

Seo Sang-young, a researcher at Kiwoom Securities, analyzed, "The market started lower amid growing concerns about a global economic recession, but the announcement of the government's second supplementary budget (추경) for emergency disaster relief payments and its approval by the April National Assembly helped reduce the decline."

He also evaluated positively that Chinese President Xi Jinping insisted that manufacturing production in China must continue despite COVID-19, which could ease future production disruptions in China. Seo added, "In addition, the U.S. Food and Drug Administration (FDA)'s emergency use authorization for malaria treatment drugs is also positive."

Among the top market capitalization stocks, Samsung Electronics (-1.86%), NAVER (-0.30%), LG Chem (-1.15%), and Hyundai Motor (-0.69%) declined, while SK Hynix (0.36%) and Samsung Biologics (1.13%) rose.

The KOSDAQ index rose 2.13% from the previous trading day to 533.96. Among the top market cap stocks, Celltrion Healthcare (1.18%), HL Biopharma (1.40%), Seegene (3.19%), and Celltrion Pharm (9.15%) increased.