Korea Composite Stock Price Index (KOSPI) and KOSDAQ indexes are continuing strong performance during the trading session on the 24th following news that Israel and Iran will cease hostilities.

The KOSPI index recorded 3081.77 at 11:20 a.m. on the 24th, up 67.3 points (2.23%) from the previous day. The KOSPI index started the day at 3061.14 and rose to 3099.41 during the session. This is the closest it has come to the 3100 mark since September 2021.

On the 24th, the KOSPI index and the won-dollar exchange rate are displayed on the electronic board in the dealing room of Hana Bank in Jung-gu, Seoul. /Courtesy of News1

In the KOSPI market, foreign investors and institutions are net buying 308.3 billion won and 223.8 billion won, respectively. Individuals are at a selling advantage with 505 billion won.

In terms of contributions to the rise of the KOSPI index, SK hynix has the highest impact. The stock price of SK hynix rose to 281,000 won, setting a new record high since 2001. The market leader Samsung Electronics also contributed to the index's increase by recovering to '60,000 won'. In addition, KakaoBank, Korea Electric Power Corporation, and HD Hyundai Heavy Industries saw their stock prices surge, helping to lift the KOSPI index.

At the same time, the KOSDAQ index rose by 12.11 points (1.54%) to 796.9 compared to the previous day. It reached a high of 801.23 during the trading session. This is the first time the KOSDAQ index has surpassed the 800 mark in 10 months since August of last year.

In the KOSDAQ market, foreign investors and institutions are also engaged in 'buying' with 103.4 billion won and 67.8 billion won, respectively.

In terms of contributions to the rise in the KOSDAQ index, the market leader Alteogen had the largest impact, followed by ECOPRO BM, Ecopro, and HIGEN RNM. It appears that Tesla's introduction of a robo-taxi (autonomous taxi) service after 10 years stimulated investor sentiment.

The possibility mentioned by some Federal Reserve (Fed) Commissioners of a potential interest rate cut at the upcoming July Federal Open Market Committee (FOMC) meeting also contributed to market vitality.

Jo Ain, a researcher at Samsung Securities, noted, 'The anticipated benchmark interest rate reflected in interest rate futures has decreased,' and added, 'With the weakening dollar and policy momentum, an influx of funds into the domestic stock market is expected.'