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 Korean KOSPI stock index experienced a notable surge of 3.56% on Thursday, marking its fourth consecutive day of gains. This positive momentum was driven by strong performances from semiconductor companies, which lifted the overall index to close at 6,813.34 points. The index began the day with a 2.96% increase, maintaining its upward trajectory throughout the trading session.
Foreign and institutional investors contributed to the rally by purchasing a combined net of 2.1 trillion won worth of shares, totaling $1.47 billion. Conversely, retail investors sold off a net of 2.73 trillion won worth of shares, likely due to profit-taking.
The surge in the KOSPI index was attributed to a recent overnight rally in U.S. semiconductor stocks, which had a positive impact on the Korean chip sector. Key players like SK hynix and Samsung Electronics demonstrated impressive gains, with SK hynix rising 5.92% to close at 1,593,000 won and Samsung Electronics gaining 4.89% to finish at 268,000 won.
This enthusiasm was further fueled by Morgan Stanley's decision to upgrade Samsung Electronics as its top pick and raise its target price to 2.62 million won from 2.56 million won, resulting in a remarkable 12.58% increase for Samsung Electro-Mechanics, which closed at 1,503,000 won. Despite foreign investors' net selling pressure, the positive sentiment surrounding semiconductor stocks appears to be bolstering investor confidence.
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
