(2nd LD) Seoul shares up sharply higher for 3rd day on chip rally
SEOUL, Aug. 12 (Yonhap) -- South Korean stocks ended sharply higher for the thir...
South Korean shares surged for the third consecutive day on Wednesday as investors flocked to leading chip manufacturers, propelling the Korean won higher against the US dollar. The Korea Composite Stock Price Index (KOSPI) climbed 233.51 points, or 3.68%, to 6,579.04, extending the previous gains of 0.65% and 0.73%. Foreign and institutional investors drove the rally, snapping up major chip stocks.
Program trading was temporarily halted for five minutes at 11:57 a.m. amid heavy trading volume of 355 million shares, worth 26.21 trillion won. Retail investors sold shares to the tune of 3.19 trillion won. Analysts cited large order backlogs and strong demand for artificial intelligence infrastructure and semiconductors, highlighting robust investment confidence.
Samsung Electronics and SK hynix led the pack with gains of 6.68% and 5.54%, respectively, while SK Square and Samsung Electro-Mechanics also rose. The Korean won appreciated to 1,415.7 per US dollar, up 0.3 won from the previous close. Bond yields decreased slightly, with the three-year Treasury yield dropping to 3.791% and five-year government bonds yielding 4.025%.
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