Chip rally lifts KOSPI 3.56% in 4th straight gain
KOSPI surged 3.56 percent Thursday, extending its winning streak to four sessions as sharp gains in semiconductor heavyweights kept the index in positive territory. The benchmark KOSPI closed at 6,813.34, up 3.56 percent from the previous session. The index opened 2.96 percent higher and extended its gains throughout the session. Foreign and institutional investors bought a net 2.1 trillion won…
The KOSPI index experienced a 3.56% surge on Thursday, marking its fourth consecutive gain. The benchmark KOSPI finished at 6,813.34, up from the previous session's level. The index opened 2.96% higher and continued its upward trajectory throughout the trading day. Foreign and institutional investors contributed to the rally by purchasing a net 2.1 trillion won worth of shares ($1.47 billion) and 680.9 billion won in shares, respectively.
However, retail investors sold a net 2.73 trillion won worth of shares, likely due to profit-taking. An overnight rally in U.S. semiconductor stocks had a positive impact on the Korean chip sector, bolstering investor sentiment. SK hynix experienced a 5.92% increase, closing at 1,593,000 won, while Samsung Electronics gained 4.89% to reach 268,000 won.
Samsung Electro-Mechanics also benefited from increased investor interest, as Morgan Stanley upgraded the company to its top pick and raised its target price to 2.62 million won, resulting in a 12.58% gain and a closing price of 1,503,000 won. The net selling pressure exerted by foreign investors has been diminishing.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
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- Chip rally lifts KOSPI 3.56% in 4th straight gain koreatimes.co.kr
