Key facts
- South Korean shares closed sharply higher for the fifth straight session on Friday.
- The rally was driven by investor demand for major chipmakers like Samsung Electronics and SK hynix.
- The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.42% to 6,977.94.
- Samsung Electronics increased by 2.4%, and SK hynix gained 3.26%.
- The Korean won strengthened against the U.S. dollar.
Seoul shares concluded trading sharply higher on Friday, marking the fifth consecutive session of gains, primarily fueled by robust investor interest in major chipmakers. The benchmark Korea Composite Stock Price Index (KOSPI) saw a significant increase of 164.60 points, or 2.42 percent, to settle at 6,977.94.
Technology stocks spearheaded the advance in the Seoul market. Samsung Electronics, a key market indicator, experienced a 2.4 percent rise, closing at 274,500 won. SK hynix, another prominent chip manufacturer, followed suit with a 3.26 percent gain, reaching 1.65 million won.
This positive performance in Seoul mirrored overnight gains on Wall Street, where the Dow Jones Industrial Average climbed 0.13 percent and the tech-focused Nasdaq Composite advanced by 0.81 percent. The Korean won also demonstrated strength, trading at 1,418.3 won against the U.S. dollar, an appreciation of 1.1 won from the previous day's closing.
Earlier in the day, Seoul shares had pared back earlier gains as investors sold off large-cap technology stocks, despite continued foreign buying. Foreign investors purchased approximately 1.01 trillion won ($714 million) in shares, while retail and institutional investors were net sellers of 978.9 billion won.