There is no lack of stock exchanges. However, it makes sense to learn more about the Korea Stock Exchange.
It is a division of the much larger Korea Exchange (KRX, or the Exchange). In the past, Korea's stock market was a standalone entity. However, in 2005, the Korea Stock Exchange merged with the Korea Futures Exchange and the electronic market, KOSDAQ, to create the Korea Exchange.
What you need to know is that the exchange is the only securities exchange operator in the country, making markets in equities, bonds, stock index futures, stock index options, as well as equity options. Korea Exchange's headquarters are in Busan, and the KRX has an office for cash markets and oversight in Seoul.
History of the Korea Stock Exchange
Since its inception in the 1950s, the Korea Stock Exchange has operated independently. One interesting fact: Before its 2005 merger to form KRX, the Korea Stock Exchange created the Korean Securities Dealers Automated Quotations (KOSDAQ.)
In addition to launching electronic trading, some of its milestones include establishing a stock index futures and options market from 1996 to 1997 and trading warrants in 2000.
As of 2022, investors can trade various instruments on the exchange, including stocks, bonds, ETFs, and real estate investment trusts (REITs). You need to remember that KOSDAQ lists more than 1,000 high-profile companies, including Korea New Network, Imagine Asia, Macrogen, Daewon Media, FNC Entertainment, Genie Music, and SK Broadband.
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Trading hours of the Korea Stock Exchange
Last year, the KRX listed 2,448 companies with a combined market capitalization of $2.6 trillion.
Regular trading sessions look the same as those of other major stock markets around the globe. Keep in mind that trading opens at 9:00 a.m. and closes at 3:30 p.m. Furthermore, the market is open every day of the week except Saturday, Sunday, and holidays. As in the case of the S&P 500 in the United States, an index, the Korea Composite Stock Price Index (KOSPI), tracks the health of the exchange.
Korea Composite Stock Price Index (KOSPI)
The Korea Composite Stock Price Index (KOSPI) contains all of the common stocks that are traded on the exchange. It was introduced in 1983 with a base value of $100.
As with other major indexes, KOSPI is calculated based on market cap and boasts daily trading volume in excess of multiple hundreds of million shares.
Moreover, several offshoots of the KOSPI track specific sectors, factor strategies, and market caps. The KOSPI 200 Index, for instance, consists of 200 large companies in the stock market division.
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