KOSPI climbs 3.7% on chip rally, foreign buying
The benchmark KOSPI surged 3.68 percent Wednesday, as foreign and institutional investors piled into large-cap semiconductor stocks on upbeat earnings from major U.S. tech companies and growing expectations for shareholder returns. The benchmark KOSPI closed at 6,579.04, up 3.68 percent from the previous session. The index opened 1.42 percent higher and extended its gains, triggering a buy-side…
The KOSPI index experienced a significant 3.68 percent rise on Wednesday, driven by increased foreign and institutional investment in large-cap semiconductor stocks. The index, which closed at 6,579.04, had opened 1.42 percent higher, marking the 23rd such activation of the year. Foreign investors purchased a net 2.83 trillion won ($1.9 billion), while institutional investors bought shares valued at 528.4 billion won. In contrast, retail investors sold shares worth a net 3.19 trillion won as a way of taking profits.
Positive investor sentiment towards large-cap semiconductor stocks was fueled by strong earnings reports from major U.S. tech companies and anticipations of shareholder return plans. Within the semiconductor sector, SK hynix increased by 5.54 percent to close at 1,504,000 won, while Samsung Electronics gained 6.68 percent, finishing at 255,500 won. CoreWeave reported impressive second-quarter revenue of $2.58 billion, marking a 112 percent year-on-year increase and announcing plans to raise shareholder returns further.
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- KOSPI climbs 3.7% on chip rally, foreign buying koreatimes.co.kr
