South Korean shares hit 1-month high as chipmakers jump
- The benchmark KOSPI was up 190.63 points, or 2.73%, at 7,168.57
SEOUL: Round-up of South Korean financial markets:
South Korean shares rose more than 2% on Tuesday to their highest levels in a month, as chipmakers tracked an overnight rally in US peers on AI demand optimism.
The benchmark KOSPI was up 190.63 points, or 2.73%, at 7,168.57 as of 0127 GMT, extending gains for a sixth consecutive session and hitting its highest intraday levels since July 15. South Korean financial markets were closed on Monday.
The Philadelphia Semiconductor Index rose 1.6% on Monday, with chipmaker Micron Technology adding 4% and Applied Materials climbing 5.5%, despite broader weakness on Wall Street.
Investors are waiting for results, due out next week, from leading AI chipmaker Nvidia, the world’s most valuable company.
South Korean chipmaker Samsung Electronics rose 3.01% on Tuesday, and peer SK Hynix gained 7.72%, leading the benchmark higher.
Among other index heavyweights, battery maker LG Energy Solution slid 2.03%, while Hyundai Motor and sister automaker Kia Corp were unchanged and down 0.56%, respectively.
Steelmaker POSCO Holdings shed 0.75%, while drugmaker Samsung BioLogics fell 1.03%. Of the total 906 traded issues, 281 shares advanced, while 603 declined.
Foreigners were net buyers of shares worth 1.1 trillion won ($780.58 million).
The won was quoted at 1,409.5 per dollar on the onshore settlement platform, 0.43% higher than its previous close at 1,415.6. In money and debt markets, September futures on three-year treasury bonds lost 0.18 point to 103.06.
The most liquid three-year Korean treasury bond yield rose by 9.5 basis points to 3.864%, while the benchmark 10-year yield rose by 10.2 basis points to 4.402%.
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