Seoul Stocks Jump 2.66% as Inflation Worries Ease; KOSPI Ends at 6,894.23
Seoul's KOSPI rose 2.66% to 6,894.23 Friday as inflation worries eased and foreign investors returned, with chip stocks leading the gains.
Trade volume was moderate at 321.35 million shares worth 25.56 trillion won, or about US$18.5 billion. Losers slightly outnumbered winners, 463 to 407.
"The KOSPI has brushed off macro concerns, while foreigners returned to the local market, powered by artificial intelligence momentum," Lee Kyoung-min, an analyst at Daishin Securities, said. He pointed to recent declines in oil prices and easing inflation concerns after the Federal Reserve raised its base rate by a quarter percentage point for the first time in more than three years.
Foreign investors turned net buyers after extending their selling streak to a seventh session, buying a net 424.6 billion won, Lee said. Institutional investors purchased a net 1.5 trillion won, while retail investors sold a net 3.59 trillion won.
Market heavyweights ended mixed. Samsung Electronics, the top stock by market capitalization, added 3.37 percent to 261,000 won, and rival SK hynix jumped 6.42 percent to 1,857,000 won. The two chipmakers drew support from optimism over AI memory demand after Nvidia chief executive Jensen Huang said chip sales volume next year would double from this year's level.
Battery maker LG Energy Solution slipped 0.27 percent to 364,000 won. KB Financial shed 2.4 percent to 174,900 won, and shipbuilder HD Hyundai Heavy Industries dropped 2.02 percent to 460,000 won.
The Korean won was quoted at 1,383.3 won to the dollar as of 3:30 p.m., up 1.1 won from the previous session's close.