Korean stocks will likely rally again this week, local analysts said Saturday, following an agreement at a European summit to ease bailout rules for debt-ridden countries in Europe.
The country’s key stock index, the Korea Composite Stock Price Index, closed at 1,847.39, up 0.35 percent from a week earlier. The tech-heavy KOSDAQ climbed 0.82 percent from a week before to close at 489.16.
Local investors, individuals and institutions alike helped keep the stock market afloat, purchasing a net 1.36 trillion won ($1.19 billion) worth of shares while foreigners sold shares worth 1.26 trillion won.
The KOSPI had a rough start following reports of worsening eurozone crisis, once dipping close to the 1,800 point line. It rebounded after European leaders agreed to ease rules of bailout programs for debt-ridden governments in a two-day European Council summit that ended Friday.
