South Korean stocks closed slightly higher on Friday, with the Korea Composite Stock Price Index (KOSPI) gaining 3.43 points to end at 2,667.7. This marks the second consecutive day of gains for Seoul shares, driven by foreign investors’ interest in local tech stocks following Nvidia’s strong earnings report. The Korean won, however, depreciated against the US dollar.
Key points from the trading session:
– Foreign investors were net buyers of local shares, injecting 148.8 billion won into the market. This positive sentiment offset net selling by institutions and individuals.
– Semiconductor stocks, including SK hynix, saw significant gains. SK hynix surged 3.13% to a record high of 161,400 won, benefiting from its role as a key supplier to Nvidia.
– Samsung Electronics, the world’s largest memory chipmaker, saw a marginal decline of 0.27% to close at 72,900 won.
– Financial shares performed well, with Hana Financial Group and Samsung Fire & Marine Insurance both posting gains.
– Other notable movers included NCSoft, Shinsegae, Hyundai Motor, Kia, LG Energy Solution, and Samsung Biologics, which experienced mixed trading outcomes.
– The local currency, the Korean won, closed at 1,331 won against the US dollar, down 2.3 won from the previous session.
Analysts attributed the positive trend in the market to foreign investments in semiconductor stocks and the upcoming government initiatives to boost undervalued shares. Investor focus remains on the value-up programs set to launch on Monday.
The overall trading volume was moderate, with 409.4 million shares worth 10.1 trillion won changing hands. Despite decliners outnumbering gainers, the KOSPI managed to extend its winning streak, reflecting the growing investor confidence in the market.
