South Korean stock index rises 1.95% — Korea Herald

In South Korea, the benchmark Korea Composite Stock Price Index rose by 133.31 points, or 1.95%, to 6,917.35 points on Thursday. This ended a three-session losing streak in the stock market. The gains were supported by shares of major chipmakers, which were bought by institutional investors, Korea Herald reports.

Trading in chipmakers’ shares

At the start of trading, the index declined as investors took into account, among other factors, pressure from high U.S. government bond yields. Later, the index recovered its losses amid gains in chipmakers’ shares. Samsung Electronics shares gained 2.79% and closed at 276,000 won, while SK hynix rose 3.21% to 1.83 million won.

Shares of SK Square, the parent company of SK hynix, rose 1.4%, while Samsung Electro-Mechanics gained 3.17%. Trading volume totaled 259.69 million shares worth 16.65 trillion won, or $12.25 billion. The number of advancing issues exceeded the number of declining ones: 541 versus 331.

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Investor transactions and the won exchange rate

Foreign investors sold shares for a net 1.43 trillion won, while individual investors sold shares for 547.26 billion won. At the same time, institutional investors made net purchases of securities worth 334.32 billion won.

Daishin Securities analyst Lee Kyung-min linked the improvement in market sentiment to lower-than-expected U.S. inflation data, strong financial results from Micron Technology, and rising semiconductor exports from South Korea. According to the publication, the country’s exports in September rose 83.5% year on year to a record $120.9 billion, primarily due to increased chip shipments. As of 3:30 p.m., the South Korean won weakened by 5.6 won to 1,358.4 won per U.S. dollar.