South Korean shares soar more than 6% as chipmakers rebound
SEOUL: Round-up of South Korean financial markets: South Korean shares climbed more than 6% on Thursday and were on track for their biggest daily gain in three weeks, underpinned by a sharp rebound in chipmaker stocks. The benchmark KOSPI was up 407.48 points, or 6.30%, at 6,878.65 as of 0153 GMT. The KOSPI closed nearly 6% lower in the previous session. The index was likely to touch its biggest…
South Korean shares surged more than 6% on Thursday, marking the stock market's biggest daily gain in three weeks, driven by a strong rebound in chipmaker stocks. The KOSPI index, which measures the performance of South Korea's leading companies, rose 407.48 points, or 6.30%, to reach 6,878.65 points. This marked a stark contrast to the previous day's decline when the index fell nearly 6%.
The rally was so impressive that it threatened to set a new record for the largest single-day percentage increase since July 31. The government imposed a "sidecar" trading curb to curb excessive market volatility. Among the top-performing companies, SK Hynix saw its shares jump 12.93%, after announcing plans to buy back and cancel 40 trillion won worth of treasury shares.
Samsung Electronics followed with a near 10% gain. Other notable gains included LG Energy Solution, up 2.38%, and Hyundai Motor and Kia Corp, up 2.42% and 0.53% respectively. Steelmaker POSCO Holdings and drugmaker Samsung BioLogics also contributed to the market's upward momentum, rising by 2.19% and 1.68% respectively. Out of the 902 traded shares, 544 rose while 319 fell.
Foreign investors were net buyers, buying shares worth 524.5 billion won. The South Korean won was trading at 1,393.1 per dollar, a slight decline of 0.29% from the previous close. In money markets, futures on three-year treasury bonds fell by 0.04 points to 103.26, while the yield on the three-year bond rose by 2.9 basis points to 3.815%. The benchmark 10-year yield dropped by 8.8 basis points to 4.325%.
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