South Korean shares hit three-week high as chipmakers gain

SEOUL: Round-up of South Korean financial markets:

South Korean shares rose nearly 2% on Tuesday to their highest level in three weeks, led by gains in heavyweight chipmakers.

The benchmark KOSPI was up 133.95 points, or 1.91%, at 7,129.34, as of 0217 GMT, extending gains to a fourth consecutive session and hitting the highest intraday level since August 18.

Wall Street was closed on Monday for a public holiday.

Doubts about the sustainability of AI investment demand that weighed on the semiconductor sector last month are easing, said Han Ji-young, an analyst at Kiwoom Securities.

South Korea’s economy grew 0.6% in the second quarter from the preceding three months, revised central bank data showed, unchanged from the advance estimate in late July.

Chipmaker Samsung Electronics rose 2.59% and peer SK Hynix gained 3.98%, leading the benchmark index higher.

Among other index heavyweights, battery maker LG Energy Solution slid 1.38%, while Hyundai Motor and sister automaker Kia Corp were down 0.64% and 0.47%, respectively.

Steelmaker POSCO Holdings shed 0.15%, while drugmaker Samsung BioLogics fell 0.41%. Of the total 909 traded issues, 405 shares advanced, while 452 declined.

Foreigners were net buyers of shares worth 129.1 billion won ($96.51 million).

The won was quoted at 1,336.9 per dollar on the onshore settlement platform, 0.73% higher than its previous close at 1,346.7.

In money and debt markets, September futures on three-year treasury bonds gained 0.07 point to 103.19.

The most liquid three-year Korean treasury bond yield fell by 2.7 basis points to 3.877%, while the benchmark 10-year yield fell by 1.5 basis points to 4.366%. ‑Reuters