South Korean shares hit over 1-month high on chip, battery boost

SEOUL: Round-up of South Korean financial markets:

South Korean shares rose more than 1% on Wednesday to hit their highest level in over a month, as chip and battery makers rallied on hopes of improvements in their industry outlook.

The benchmark KOSPI rose 28.13 points, or 1.08%, at 2,643.94, after two sessions of losses to close at its highest level since February 24.

“Chip and battery stocks rose on optimism around the global capex cycle,” said Woo Ji-yeon, an analyst at DS Investment Securities.

Chipmaker Samsung Electronics rose 2.68% and peer SK Hynix gained 2.88%.

Battery maker LG Energy Solution jumped 7.30% to record its biggest daily gain since early November 2023. Peer Samsung SDI rose 3.22%, while battery materials maker LG Chem climbed 4.82%.

South Korean shares fall as losses in chipmakers overshadow automakers’ rally

Hyundai Motor rose 0.91% and sister automaker Kia Corp added 0.60%, extending gains on an investment plan in the United States.

Of the total 940 traded issues, 457 shares advanced, while 418 declined.

Foreigners were net buyers of shares worth 347.4 billion won ($237.05 million).

The won was quoted at 1,466.3 per dollar on the onshore settlement platform, 0.19% lower than its previous close at 1,463.5.

In money and debt markets, June futures on three-year treasury bonds fell 0.04 point to 106.75.

The most liquid three-year Korean treasury bond yield rose by 0.1 basis points to 2.615%, while the benchmark 10-year yield fell by 0.7 basis points to 2.832%.