South Korean shares hit 1-month high as chipmakers jump
SEOUL: Round-up of South Korean financial markets: South Korean shares rose more than 2% on Tuesday to their highest levels in a month, as chipmakers tracked an overnight rally in US peers on AI demand optimism. The benchmark KOSPI was up 190.63 points, or 2.73%, at 7,168.57 as of 0127 GMT, extending gains for a sixth consecutive session and hitting its highest intraday levels since July 15.…
South Korean shares surged more than 2% on Tuesday, reaching their highest level in a month, as chipmakers benefited from a previous US market rally driven by optimism surrounding artificial intelligence. The KOSPI index closed at 7,168.57, up 2.73% on the day and marking its highest level since July 15. This marked the sixth consecutive day of gains for the benchmark index.
The Philadelphia Semiconductor Index also increased by 1.6% on Monday, with Micron Technology and Applied Materials among the notable gainers. Investors are eagerly awaiting the results from leading AI chipmaker Nvidia, currently the world's most valuable company. Samsung Electronics and SK Hynix, both major South Korean chipmakers, rose 3.01% and 7.72% respectively, propelling the benchmark index higher.
Other notable performers included battery maker LG Energy Solution, which fell 2.03%, and Hyundai Motor and Kia Corp, which ended unchanged and down 0.56% respectively. Steelmaker POSCO Holdings and drugmaker Samsung BioLogics were down 0.75% and 1.03% respectively. Out of the 906 traded stocks, 281 shares advanced while 603 declined.
Foreign investors were net buyers, purchasing shares worth 1.1 trillion won ($780.58 million). The South Korean won was valued at 1,409.5 per dollar on the onshore settlement platform, reflecting a 0.43% increase from the previous closing rate of 1,415.6. In the money and debt markets, three-year treasury bond futures declined by 0.18 points to 103.06, with the three-year bond yield rising by 9.5 basis points to 3.864%. The benchmark 10-year yield experienced an increase of 10.2 basis points to 4.402%.
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