Key facts
- Seoul shares closed sharply higher for a third consecutive session Wednesday.
- The rally was driven by investor demand for major chipmakers.
- The benchmark KOSPI index rose 3.68% to close at 6,579.04.
- Samsung Electronics shares surged 6.68% and SK hynix gained 5.54%.
- A buy-side sidecar was activated for the KOSPI at 11:57 a.m., suspending program trading for five minutes.
South Korean stocks concluded Wednesday trading with significant gains for the third consecutive session, propelled by a strong performance in the semiconductor sector. The Korea Composite Stock Price Index (KOSPI) climbed 3.68%, or 233.51 points, to settle at 6,579.04.
Investors, particularly foreigners and institutions, actively purchased shares of major chipmakers. This surge led the Korea Exchange to activate a buy-side sidecar at 11:57 a.m., temporarily halting program trading for KOSPI-listed stocks for five minutes to curb excessive volatility.
Leading the advance were semiconductor giants Samsung Electronics, which saw its stock price jump 6.68% to 255,000 won, and SK hynix, which gained 5.54% to 1.5 million won. The Korean won also strengthened against the U.S. dollar, trading at 1,415.7 won.