(LEAD) Seoul shares sharply up for 4th day on chip rally

Seoul stocks experienced a sharp upward trend for the fourth consecutive day on Thursday, driven by investors purchasing major chipmakers. The Korean won strengthened against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) climbed 210.97 points, or 3.21 percent, to close at 6,790.01, following gains of 0.65, 0.73 and 3.68 percent in the preceding three sessions.

Opening 2.96 percent higher, the KOSPI saw additional gains, as foreigners and institutions bought major chip sector stocks for four straight days. Trade volume was moderate, with 416 million shares worth 34.45 trillion won (US$24.22 billion) exchanged, and losers outnumbering gainers 532 to 332. Foreigners and institutions collectively bought stocks worth 2.09 trillion won and 679.8 billion won, respectively, while retail investors sold a net of 2.71 trillion won in shares.

Meanwhile, U.S. stocks related to the artificial intelligence technology sector surged. The S&P 500 increased by 0.26 percent, nearing a record high, and the Nasdaq composite rose 0.54 percent. In contrast, the Dow Jones Industrial Average dipped 0.04 percent. Foreign buying continued strong, boosted by satisfaction over the U.S. consumer price index for July being in line with expectations and strong earnings from AI infrastructure companies.

Semiconductor leaders Samsung Electronics and SK hynix both rose 4.89 percent and 5.91 percent, respectively, extending a three-session winning streak. SK Square, the parent of SK hynix, jumped 9.08 percent, and Samsung Electro-Mechanics, an electronics component affiliate of Samsung Electronics, surged 12.58 percent. LG Energy Solution and Hyundai Motor, the world's largest automaker, increased 1.95 percent and 2.1 percent, respectively.

The Korean won closed at 1,419.4 won against the U.S. dollar, up 3.7 won from the previous day's close.