South Korean shares surge on US rally, strong GDP
Business Recorder • • 1 min read
South Korea’s KOSPI climbed 4.39% to 5,709.85 by 0153 GMT on Tuesday, gaining 240.38 points as technology shares led a broad advance. Business Recorder, citing Reuters, linked the move to firmer US technology stocks and new estimates showing stronger-than-anticipated Korean economic growth in the third quarter.
Samsung Electronics advanced 5.05% and SK Hynix rose 7.14%, while LG Energy Solution, Hyundai Motor, Kia and POSCO Holdings also posted gains. Samsung BioLogics moved in the opposite direction, falling 4.89%. Overseas investors bought a net 597.3 billion won ($450.57 million) in shares. The won strengthened 0.08% to 1,325.0 per dollar; Korean bond yields were mixed, with the three-year yield up 0.4 basis point and the 10-year yield down 0.7 basis points.
At a glance
- The KOSPI gained 4.39% to reach 5,709.85.
- Samsung Electronics and SK Hynix rose 5.05% and 7.14%, respectively.
- Foreign investors made net share purchases worth 597.3 billion won.
Originally reported by Business Recorder
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