KOSPI closes higher as chip stocks offset US Treasury yield rise
KOSPI edged higher Friday as gains in chipmakers, fueled by expectations for stronger shareholder returns, offset concerns over rising U.S. Treasury yields. The benchmark index closed at 6,912.95, up 0.88 percent, or 60.37 points, from the previous session. The index opened 1.35 percent lower but reversed course to close higher as semiconductor stocks led the rebound. Foreign investors and retail…
The KOSPI index finished higher on Friday, as semiconductor stocks helped to counteract a rise in U.S. Treasury yields. The key index ended at 6,912.95, marking a 0.88 percent increase or 60.37 points more than the prior day's close. The index began the day 1.35 percent lower but quickly turned around to close in the positive as semiconductor stocks drove the market rebound.
Foreign investors and individual traders collectively offloaded a total of 170.7 billion won ($123 million) on the day. Meanwhile, institutional investors purchased securities worth 248.7 billion won. Notably, SK hynix and Samsung Electronics both saw strong gains, with SK hynix up 2.31 percent to 1.73 million won, and Samsung Electronics up 3.87 percent to 281,500 won. These increases were driven by investor optimism regarding stronger returns for shareholders.
SK hynix made a significant announcement on Wednesday, unveiling a share buyback and cancellation program worth 40 trillion won. The company also reinforced its commitment to returning capital to shareholders, promising to allocate at least 50 percent of all free cash flow to them. Samsung Electronics is also reportedly considering the implementation of a shareholder return program amounting to over 100 trillion won, further bolstering the outlook for KOSPI.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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