Seoul stocks end higher for 3rd day on Nvidia earnings
SEOUL, Aug. 27 (Yonhap) -- Seoul stocks closed over 1 percent higher Thursday, b...
Seoul stocks experienced a three-day winning streak, closing over 1 percent higher on Thursday, according to Yonhap news. This surge was driven by Nvidia's earnings report, which exceeded expectations. Despite the Bank of Korea's consecutive rate hike, the Korean won strengthened against the U.S. dollar. The benchmark Korea Composite Stock Price Index, or KOSPI, opened 2 percent higher but ended up 104.16 points, or 1.53 percent, at 6,912.37.
The strong earnings from the U.S. chip giant helped alleviate concerns about the AI boom and the ongoing demand for semiconductors. However, the KOSPI initially trimmed its gains following the Bank of Korea's decision to raise the base rate by a quarter percentage point to 3 percent. Governor Shin Hyun-song described this rate hike as a preemptive, proactive, and advanced response to control inflation and other financial risks.
He also noted that the South Korean economy continues to show solid growth, largely due to strong semiconductor exports.
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