Seoul stocks rise nearly 2% to end 3-day losing streak on chip gains
Financial data is displayed on a screen at Hana Bank's dealing room, central Seoul, Thursday. Yonhap
South Korean shares rose nearly 2 percent on Thursday, snapping a three-session losing streak, as institutional investors scooped up major chip shares. The Korean won strengthened against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 133.31 points, or 1.95 percent, to close at 6,917.35.
The index opened lower as investors digested a series of negative factors, including persistent pressure from elevated U.S. Treasury yields, but pared its losses as chip stocks gained.
Overnight, Wall Street ended mixed as cooler-than-expected inflation data was offset by persistent pressure from elevated U.S. Treasury yields and rising oil prices.
The Dow Jones Industrial Average fell 0.86 percent, while the benchmark S&P 500 dipped 0.25 percent. The tech-heavy Nasdaq composite gained 0.24 percent.