7 days ago
Seoul shares rise to 3-month high on tech gains, US rallies
South Korean stocks finished markedly higher to hit a three-month high Wednesday, driven by gains in tech shares, as the United States' temporary pause on tariffs against the European Union boosted investor appetite for risky assets. The local currency fell against the US dollar.
The benchmark Korea Composite Stock Price Index added 32.93 points, or 1.25 percent, to close at 2,670.15.
It marked the highest level since Feb. 19, when the index finished at 2,671.52.
Trade volume was moderate at 403.25 million shares worth 11.16 trillion won ($8.11 billion), with winners beating losers 579 to 308.
Institutions and foreign investors bought a net 742.55 billion won and 303.47 billion won worth of stocks, respectively, while individuals sold 990.77 billion won worth of shares.
The index opened higher, tracking overnight gains on Wall Street, and extended gains further as investors welcomed news that US President Donald Trump said he would delay imposing 50 percent tariffs on imports from the EU until July 9.
On Tuesday (US time), the Dow Jones Industrial Average surged 1.78 percent, while the tech-heavy Nasdaq Composite soared 2.47 percent.
"Market conditions have improved recently, but the rebound in such oversold sectors as semiconductors and batteries has been limited amid lingering uncertainties regarding US tariffs and other issues," said Kim Soo-yeon, a researcher at Hanwha Investment & Securities.
"Determining when to increase market exposure will be a crucial issue for investors for the remainder of the year," she added.
Tech shares led the upturn of the index.
Market bellwether Samsung Electronics surged 3.71 percent to 55,900 won, and its rival SK hynix soared 2.72 percent to 208,000 won.
Major battery maker LG Energy Solution spiked 6.06 percent to 289,000 won, while No. 2 battery maker Samsung SDI jumped 8.68 percent to 174,100 won.
Top carmaker Hyundai Motor climbed 2.2 percent to 185,900 won, and its sister Kia Motors went up 0.91 percent to 89,000 won.
Leading biotech firm Samsung Biologics edged up 0.19 percent to 1.03 million won, and Celltrion rose 0.26 percent to 156,000 won.
No. 1 steelmaker POSCO Holdings advanced 5.27 percent to 249,500 won, while top online portal operator Naver gained 2.12 percent to 187,700 won.
But defense giant Hanwha Aerospace sank 6.2 percent to 832,000 won, while leading financial firm KB Financial lost 0.88 percent to 101,000 won.
The local currency was quoted at 1,376.5 won against the greenback at 3:30 p.m., down 7 won from the previous session. (Yonhap)
