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KOSPI Closes Tuesday Up 0.14%

Written: 2019-05-14 15:49:55Updated: 2019-05-14 16:29:29

South Korean stocks rebounded on Tuesday on optimistic comments made by Washington regardings the ongoing U.S.-China trade war.

The benchmark Korea Composite Stock Price Index(KOSPI) rose two-point-83 points, or point-14 percent, to end the day at two-thousand-81-point-84.

The tech-heavy KOSDAQ also rose, gaining one-point-36 points, or point-19 percent, to close at 710-point-16. 

The indices recovered after sinking to months-long lows at open in the wake of global financial market turmoil caused by a tit-for-tat U.S.-China trade dispute.

In response to a U.S. tariff hike from ten to 25 percent on 200-billion dollars worth of Chinese goods last week, Beijing announced on Monday that it will reciprocate the move by slapping tariffs of five to 25 percent on 60-billion dollars worth of U.S. products starting from June first.

Analysts say stocks responded positively to comments made by U.S. President Donald Trump on Monday that he was optimistic about resolving the trade dispute between the world's two largest economies.

On the foreign exchange, the local currency weakened one-point-nine won against the dollar, ending the session at one-thousand-189-point-four won.

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