Seoul shares up nearly 2 pct late Tue. morning on tech rally
SEOUL, Sept. 8 (Yonhap) -- Seoul shares extended their gains late Tuesday mornin...
Seoul shares experienced a nearly 2% increase late Tuesday morning, fueled by a tech rally driven by semiconductor stocks. The benchmark Korea Composite Stock Price Index (KOSPI) rose 127.54 points, or 1.82%, to 7,122.93 by 11:20 a.m. Investors, including institutions and foreigners, purchased a combined net of 483.31 billion won (US$361 million) and 128.11 billion won worth of stocks, respectively.
Conversely, individuals sold a net of 1.25 trillion won. The index's surge followed a 4% jump the previous day, buoyed by optimism surrounding artificial intelligence-related earnings. The U.S. stock market was closed for Labor Day on September 7. Energy prices, rising due to geopolitical tensions in the Middle East, contributed to inflation concerns as investors anticipated potential rate hikes by the U.S. Federal Reserve.
The forthcoming inflation report for Friday will provide insights into the central bank's future rate trajectory. Notably, Samsung Electronics gained 2.59%, SK hynix climbed 3.98%, Korea Electric Power Co. surged 4.58%, and SK Innovation advanced 0.87%. However, Hyundai Motor and LG Energy Solution experienced declines of 0.76% and 1.38%, respectively.
The Korean won strengthened to 1,337.85 per U.S. dollar by 11:20 a.m., up 8.85 won from the previous trading session.
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