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Finance

KOSPI rises for first time in four sessions on semiconductor gains, nears 7,000

South Korea\'s benchmark KOSPI climbed nearly 2 percent on Wednesday, led by gains in heavyweight semiconductor stocks such as Samsung Electronics and SK Hynix. The index recovered from an early drop to the 6,700 level and finished around 6,900, closing up 133.31 points at 6,971.35. Institutions were net buyers, while individuals and foreigners sold. The KOSDAQ rose 4.48 percent. The won was little changed against the dollar.

Crypto

MoonPay sets up Korean unit to target crypto payments market

MoonPay, a global crypto payments and stablecoin infrastructure company, said on Tuesday it has established a Korean unit, MoonPay Korea, to expand its domestic business. The company plans to develop South Korea as a key base for broader expansion across Asia. It aims to localise services with local partners, integrate with financial systems and validate customer experience before scaling to other Asian markets. MoonPay is also pursuing cooperation with several Korean financial and technology firms.

Finance

KOSPI closes at 6,870 despite foreigners selling 2.9 trillion won

South Korea\'s KOSPI fell for a second session on Sept. 29 as foreigners posted net selling of nearly 3 trillion won. The index slid as worries over higher U.S. long-term yields and a slowdown in AI investment pushed it down to the 6,780 level during the day. Losses narrowed after bargain buying emerged in some semiconductor shares, including Samsung Electronics. The KOSDAQ ended higher and the won strengthened against the dollar.