NEWS BRIEF

[Anchor Lead]

Korea’s composite stock price index, better known as KOSPI, shattered the 3,000-point mark for the first time. As of 9:04 a.m. January 6th, KOSPI rose 23.97 point from the previous day to stand at 3,014.54 points. The Korean stock market rose above 3,000 points about 13 years and 5 months after it broke through the 2,000-point mark on July 25th, 2007. KOSPI rallied for seven straight trading days and topped record highs for six trading days in a row.
The Bank of Korea announced that the country’s foreign currency reserve recorded 443.1 billion U.S. dollars as of the end of last December, showing an increase of 6.72 billion won from the previous month. Korea’s central bank explained that the reserve amount was driven up by an increase in the amount of other currencies converted into the U.S. dollar due to the dollar’s weakened value. a rise in financial firms’ reserve deposits, and greater operational profits from foreign assets.
The North Korean state media reported today that the 8th Congress of the Workers’ Party opened yesterday in Pyongyang. In his opening address at the country’s largest political event, North Korean Chairman Kim Jong-un admitted that the five-year economic development goals were not met while noting domestic and foreign challenges and the need for countermeasures. He is also expected to deliver a message to the United States ahead of the inauguration of the Biden administration.