South Korea shares rise as chips extend rally
- The benchmark KOSPI was up 100.16 points, or 1.44%, at 7,054.68
South Korean shares rose, driven by AI trade interest in chipmakers Samsung and SK Hynix, while the won strengthened and bond yields fell, despite foreign investors being net sellers.
- Gains in Samsung Electronics and SK Hynix from AI trade.
- South Korean won strengthening against the dollar.
- Falling benchmark bond yields.
SEOUL: Round-up of South Korean financial markets:
South Korean shares rose on Wednesday as both Samsung Electronics and SK Hynix extended gains on sustained investor interest in the artificial intelligence trade.
The won strengthened, while the benchmark bond yield fell.
The benchmark KOSPI was up 100.16 points, or 1.44%, at 7,054.68 as of 01:30 GMT. Chipmaker Samsung Electronics rose 1.39%, while peer SK Hynix gained 3.46%, after the Philadelphia Semiconductor Index rose 1.3% in US trading overnight.
Among other index heavyweights, battery maker LG Energy Solution climbed 0.29%, while Hyundai Motor and sister automaker Kia Corp were up 0.26% and up 0.48%, respectively.
Steelmaker POSCO Holdings shed 0.15%, while drugmaker Samsung BioLogics rose 0.03%.
Of the total 909 traded issues, 405 shares advanced, while 448 declined.
Foreigners were net sellers of shares worth 174.3 billion won ($130.2 million).
South Korean President Lee Jae Myung and French President Emmanuel Macron discussed cooperation on security and freedom of navigation in the Strait of Hormuz during a summit in Paris on Tuesday, as the Middle East war intensified.
The won was quoted at 1,339.1 per dollar on the onshore settlement platform, 0.28% higher than its previous close at 1,342.8.
In offshore trading, the won was quoted at 1,338.8 per dollar, up 0.1% on the day, while in non-deliverable forward trading its one-month contract was quoted at 1,338.4.
The KOSPI has risen 67.40% so far this year.
The won has strengthened 7.5% against the dollar so far this year.
In money and debt markets, September futures on three-year treasury bonds gained 0.01 point to 103.12.
The most liquid three-year Korean treasury bond yield fell by 0.4 basis points to 3.899%, while the benchmark 10-year yield fell by 1.1 basis points to 4.379%.
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