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 Korea Composite Stock Price Index (KOSPI) rose on Friday as chipmaker stocks gained, partially offsetting a rise in U.S. Treasury yields. The benchmark index ended the session at 6,912.95, marking a 0.88 percent increase or 60.37 points from the prior session. Initially, the index fell 1.35 percent but quickly rebounded to close higher due to the strong performance of semiconductor stocks.
Foreign investors and retail investors collectively sold a net 170.7 billion won ($123 million), while institutional investors bought a net 248.7 billion won.
Shares of SK hynix increased by 2.31 percent to 1.73 million won, and Samsung Electronics rose 3.87 percent to 281,500 won, as investors anticipated stronger returns on their investments. SK hynix recently announced a 40 trillion won share buyback and cancellation plan and also reinforced its commitment to return at least 50 percent of its cumulative free cash flow to shareholders. Meanwhile, Samsung Electronics is believed to be considering a shareholder return program worth over 100 trillion won.
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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