Seoul shares end higher for 2nd day on chip gains

SEOUL, Aug. 11 (Yonhap) -- South Korean stocks continued their upward trend for the second consecutive day on Tuesday, as investors took advantage of bargain-priced chipmakers. The Korean won strengthened against the U.S. dollar. The KOSPI index increased by 45.87 points, or 0.73 percent, to close at 6,345.53. Following a 0.95 percent opening decline, the KOSPI quickly turned around as major chip manufacturers gained momentum.

However, the overall market sentiment remained cautious due to the ongoing Middle East conflict. On Monday, the U.S. stock market had slipped from its previous all-time high as oil prices surged, creating uncertainty about the potential reopening of the Strait of Hormuz to shipping. The S&P 500 fell by 0.1 percent from its record, while the Dow Jones Industrial Average and the tech-heavy Nasdaq composite each dropped 0.1 percent and 0.3 percent, respectively.

By 3:30 p.m., the Korean won was trading at 1,416 against the U.S. dollar, up 2.4 won from the previous day's close.