Seoul shares extend gains late Wednesday morning on chip rally
Summary
Seoul shares extended gains Wednesday morning, led by semiconductor stocks. The benchmark KOSPI rose 3.65 percent to 6,576.99 as of 11:20 a.m., while Samsung Electronics and SK hynix both advanced sharply. The Korean won traded at 1,415.9 won against the U.S. dollar, down 2.9 won from the previous day.
Key Facts
- The KOSPI had opened 1.47 percent higher before extending its gains to 6,576.99 at 11:20 a.m.
- Samsung Electronics advanced 6.68 percent, while SK hynix rose 4.49 percent.
- SK Square, the parent of SK hynix, gained 7.62 percent.
- Samsung Electro-Mechanics increased 4.64 percent.
- Overnight, the Dow Jones Industrial Average fell 0.34 percent, the S&P 500 declined 0.32 percent to 7,728.2, and the Nasdaq composite shed 0.60 percent.
The KOSPI index is displayed at a dealing room of Hana Bank headquarters in Seoul, Wednesday. Yonhap
Korean stocks extended gains Wednesday morning, led by a rally in semiconductor shares.
After opening 1.47 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) rose 231.46 points, or 3.65 percent, to 6,576.99 as of 11:20 a.m.
Overnight, the Dow Jones Industrial Average fell 0.34 percent, while the S&P 500 declined 0.32 percent to 7,728.2. The Nasdaq composite shed 0.60 percent.
In Seoul, blue-chip shares led the advance.
Market bellwether Samsung Electronics advanced 6.68 percent, while its chipmaking rival SK hynix also went up 4.49 percent.
SK Square, the parent of SK hynix, shot up 7.62 percent and Samsung Electro-Mechanics, an electronics component affiliate of Samsung Electronics, increased 4.64 percent.
The Korean won was trading at 1,415.9 won against the U.S. dollar as of 11:20 a.m., down 2.9 won from the end of stock trading the previous day.
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