South Korean shares surge on US rally, strong GDP
SEOUL: Round-up of South Korean financial markets: South Korean shares rose more than 4% on Tuesday, led by gains in chipmakers on a rally in US AI stocks and strong economic growth data. The benchmark KOSPI was up 240.38 points, or 4.39%, at 5,709.85, as of 0153 GMT. US stocks closed higher on Monday, with the Philadelphia Semiconductor Index rising more than 2%, as Anthropic’s IPO filing helped…
South Korean shares surged over 4% on Tuesday, driven by gains in semiconductor companies amid a rally in US AI-related stocks and robust economic growth data. The KOSPI index climbed 240.38 points, or 4.39%, to reach 5,709.85. US equities finished higher on Monday, with the semiconductor index surging more than 2%, following Anthropic's IPO filing that lifted AI stock sentiment.
Korea's GDP outpaced expectations for the third quarter, propelled by a surge in AI chip exports and investments, according to preliminary central bank figures. Key index components like Samsung Electronics and SK Hynix rose 5.05% and 7.14%, respectively. LG Energy Solution climbed 3.73%, while Hyundai Motor and Kia Corp increased by 1.91% and 1.33%, respectively.
POSCO Holdings gained 3.15%, while Samsung BioLogics declined 4.89%. Of the 910 traded issues, 695 rose, with 187 falling. Foreign investors netted a total of 597.3 billion won ($450.57 million) in share purchases. The South Korean won traded at 1,325.0 per dollar onshore, up 0.08% from the previous close. Korean three-year treasury bond futures remained steady at 103.25, with its yield up 0.4 basis points to 3.792%. The benchmark 10-year yield slipped by 0.7 basis points to 4.068%.
Written by urgent.news from Business Recorder's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
