South Korean shares rise for third day on chip boost
Round-up of South Korean financial markets:
South Korean shares gain over 1% on US-China trade optimism
South Korean shares rose for a third straight session on Wednesday, as chipmakers tracked overnight gains in their US peers.
The benchmark KOSPI was up 15.22 points, or 0.58%, at 2,623.64, hitting its highest since March 27, as of 0125 GMT.
Overnight, the S&P 500 and the Nasdaq closed higher for a second straight day after softer-than-expected inflation numbers added to investor optimism from Monday when the US and China announced a trade truce.
Chipmaker Samsung Electronics rose 0.62% and peer SK Hynix gained 3.53% after the Philadelphia Semiconductor Index jumped 3.2% on Tuesday.
Samsung Electronics said it has agreed to acquire all shares of Germany-based air conditioning and heating systems maker FlaktGroup for 1.5 billion euros ($1.68 billion) from the European investment firm, Triton.
Hyundai Motor and sister automaker Kia fell 0.97% and 1.81%, respectively. Steelmaker POSCO Holdings slipped 3.11%, while drugmaker Samsung Biologics rose 0.10%.
Of the total 935 traded issues, 430 advanced and 434 declined.
Foreigners were net buyers of shares worth 142.6 billion won.
The won was quoted at 1,413.5 per US dollar on the onshore settlement platform, 0.2% higher than Tuesday's close of 1,416.3.
In the money and debt markets, June futures on three-year treasury bonds were unchanged at 107.50.
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