South Korean shares climb nearly 2% as Wall Street rally boosts sentiment

Shares in South Korea advanced on Tuesday as investors followed Wall Street higher, according to Business Recorder, which cited Reuters. The benchmark KOSPI gained 135.91 points, or 1.94%, to reach 7,143.63 by 00:59 GMT. The move came after the S&P 500 and Nasdaq 100 recorded their largest gains since early August, while the Nasdaq closed at a record on Monday.

Samsung Electronics, a chipmaker, advanced 2.28%, peer SK Hynix rose 2.94%, and Hyundai Motor climbed 2.30%. The won firmed 1% versus the dollar, quoted at 1,365.7 per dollar in onshore trading. Overseas investors made net purchases of stocks worth 162.8 billion won.

The government is set to update lawmakers on Tuesday about proposals for a $350 billion investment package in the United States, linked to a pact that lowered American levies on South Korean goods to 15%. Year to date, the KOSPI has climbed 69.51% and the won has appreciated 5.4% against the dollar. The 10-year bond yield eased 0.8 basis points to 4.438%.