Seoul stocks jump 2.6% as Samsung and SK hynix lead tech rally
South Korean shares climbed for a second straight session on Wednesday, with the benchmark KOSPI closing up 136.23 points, or 2.6 percent, at 5,375.36 after trading as high as 5,377.99. The index had opened 0.56 percent lower before reversing course.
Technology stocks did the heavy lifting. Samsung Electronics rose 3.57 percent to 206,000 won and chipmaking rival SK hynix climbed 5.36 percent to 1,28 million won. Foreigners bought a net 655.26 billion won worth of stocks, while institutions and individuals sold a net 481.67 billion won and 715.69 billion won respectively. Trade volume was light at 219 million shares worth 16.3 trillion won ($12.2 billion), with 573 gainers against 295 losers.
Hyundai Motor Securities said in a research note that comments by US President Donald Trump suggesting a lower likelihood of military action against Iran drove oil prices down, while bargain hunting in artificial intelligence-related stocks also supported the market. Seoul's gains came despite overnight losses on Wall Street, where the Dow Jones Industrial Average fell 0.3 percent and the Nasdaq composite declined 0.74 percent.
US consumer prices rose 0.3 percent in October from a month earlier, above market expectations, feeding concerns that the Federal Reserve could tighten monetary policy more aggressively to contain inflation. Investors are also watching Anthropic's planned initial public offering next week.
Among other movers, Korea Aerospace Industries jumped 7.71 percent to 109,000 won and LIG Defense & Aerospace surged 9.73 percent to 372,000 won. Hyundai Motor fell 0.91 percent to 272,500 won and Hanjin KAL, parent of Korean Air, dropped 14.64 percent to 204,000 won. The dollar was quoted at 1,333.6 won as of 3:30 p.m., compared with 1,337.5 won at the previous session's close.
