South Korean shares closed sharply higher on Friday as investors took to bargain-hunting after Thursday's 8% plunge in the country's primary index. Major market bigwigs Samsung Electronics (KRX:005930), SK Hynix (KRX:000660), and LG Energy Solution (KRX:373220) added 8%, 11%, and over 2%, respectively, at market close.
The benchmark Korea Composite Stock Price Index, or Kospi, rose by 5.8%, or 440.25 points, to close at 8,088.34. The Kosdaq, also increased by 0.2%, or 1.69 points, to end at 868.41.
In economic news, South Korea's economy is expected to accelerate to 2.6% in 2026 from 1% in 2025, supported by consumption, fiscal stimulus, and strong chip exports, the Organisation for Economic Co-operation and Development (OECD) said in a Thursday release.
Inflation is projected to rise to 2.6% in 2026 from 2.1% in 2025, due to higher energy prices before easing to 2.2% in 2027.
Strong chip exports supported South Korea's growth despite Middle East-related setbacks, while fiscal and monetary stimulus boosted consumption. The OECD said strengthening the fiscal framework, including further pension reform and rules-based expenditure, will help ensure long-term sustainability, according to the release.
On the corporate front, Celltrion (KRX:068270) posted second-quarter sales of 1.3 trillion won, up 35% from 961.5 billion won a year earlier, according to a Friday filing with the Korea Exchange.
The South Korean biopharmaceutical company's operating income jumped 77% year over year to 430 billion won from 242.5 billion won, the filing said.
Shares of Celltrion rose nearly 4% at market close.