Kospi snaps three-day losing streak to gain nearly 2%
The benchmark bourse rose 133.31 points to close at 6,917.35 as U.S. inflation data eased concerns over further rate hikes.
A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 6,971.35 points on Oct. 1, up 133.31 points, or 1.95 percent, from the previous trading session.
YONHAP
Shares rose nearly 2 percent on Thursday, snapping a three-session losing streak, as institutional investors scooped up major chip shares. The won weakened against the dollar.
The benchmark Kospi gained 133.31 points, or 1.95 percent, to close at 6,917.35.
The index opened lower as investors digested a series of negative factors, including persistent pressure from elevated U.S. Treasury yields, but pared its losses as chip stocks gained.
Overnight, Wall Street ended mixed as cooler-than-expected inflation data was offset by persistent pressure from elevated U.S. Treasury yields and rising oil prices.
The Dow Jones Industrial Average fell 0.86 percent, while the benchmark S&P 500 dipped 0.25 percent. The tech-heavy Nasdaq composite gained 0.24 percent.
Trade volume was light at 259.69 million shares worth 16.65 trillion won ($12.25 billion), with advancers outnumbering decliners 541 to 331.
Foreigners and individuals sold a net 1.43 trillion won and 547.26 billion won, respectively, while institutions bought a net 334.32 billion won.
"U.S. inflation data came in below market expectations, easing concerns over further tightening by the U.S. Federal Reserve. Investor sentiment also improved as strong earnings from Micron Technology coincided with an increase in Korea's semiconductor exports," Lee Kyung-min, an analyst at Daishin Securities, said.
Korea's exports soared 83.5 percent to a record $120.9 billion in September from a year earlier, driven by a surge in chip shipments
Market heavyweights ended higher.
Market bellwether Samsung Electronics gained 2.79 percent to 276,000 won, while chip giant SK hynix went up 3.21 percent to 1.83 million won.
SK Square, the parent company of SK hynix, went up 1.4 percent to 1.15 million won, while Samsung Electro-Mechanics, an electronics component affiliate of Samsung Electronics, increased 3.17 percent to 1.56 million won.
The local currency weakened by 5.6 won from the previous session to trade at 1,358.4 won against the greenback at 3:30 p.m.
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 0.1 basis point to 4.01, and the return on the benchmark five-year government bonds shed 0.3 basis points to 4.2.
Yonhap
