South Korean shares surge on US rally, strong GDP
- Chipmaker Samsung Electronics rose 5.05%, while peer SK Hynix gained 7.14%.
South Korean shares surged over 4% due to a rally in US AI stocks and robust economic growth, with chipmakers leading the gains and foreign investors actively buying.
- South Korean stock market performance and key drivers.
- Impact of US AI stock rally on KOSPI chipmakers.
- South Korea's faster-than-expected Q3 economic growth.
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 boost sentiment in AI-related stocks.
South Korea’s economy grew faster than expected in the third quarter as a global AI chip boom boosted exports and investments, advance central bank estimates showed.
Chipmaker Samsung Electronics rose 5.05%, while peer SK Hynix gained 7.14%.
Among other index heavyweights, battery maker LG Energy Solution climbed 3.73%, while Hyundai Motor and sister automaker Kia Corp were up 1.91% and up 1.33%, respectively.
Steelmaker POSCO Holdings added 3.15%, while drugmaker Samsung BioLogics fell 4.89%.
Of the total 910 traded issues, 695 shares advanced, while 187 declined. Foreigners were net buyers of shares worth 597.3 billion won ($450.57 million).
The won was quoted at 1,325.0 per dollar on the onshore settlement platform, 0.08% higher than its previous close at 1,326.0.
In money and debt markets, December futures on three-year treasury bonds were unchanged at 103.25.
The most liquid three-year Korean treasury bond yield rose by 0.4 basis point to 3.792%, while the benchmark 10-year yield fell by 0.7 basis points to 4.068%. ‑Reuters
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