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Seoul shares close higher on robust chip stocks

March 26, 2024 - 16:00 By Yonhap
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Tuesday. (Yonhap)

South Korean stocks rose Tuesday to end a two-session losing streak buoyed by strong semiconductor shares. The local currency gained against the US dollar.

The benchmark Korea Composite Stock Price Index added 19.52 points, or 0.71 percent, to close at 2,757.09.

Trade volume was moderate at 439.5 million shares worth 11.9 trillion won ($8.88 billion), with gainers closely beating decliners 452 to 404.

Foreign and institutional net purchases worth a combined 1.15 trillion won led the daily increase, offsetting a net 1.05 trillion won sold by individuals.

Analysts said local semiconductor shares were the biggest winners on US chipmakers Nvidia and Micron's overnight rally.

Samsung Electronics, the world's biggest memory chipmaker, jumped 2.17 percent to 79,900 won, and its rival SK hynix vaulted 4.25 percent to 176,600 won. Hanmi Semiconductor, a local equipment firm, skyrocketed 15.5 percent to 112,500 won.

Top carmaker Hyundai Motor went up 0.42 percent to 240,500 won, and its sister Kia rose 2.6 percent to 114,400 won.

Retailers were also among the winners, with Lotte Shopping advancing 1.23 percent to 73,800 won and Shinsegae rising 0.49 percent to 164,800 won.

Leading defense firm Hanwha Aerospace shot up 6.14 percent to 216,000 won, and LIG Nex1 gained 4.6 percent to 177,300 won.

But battery makers closed in negative territory as industry leader LG Energy Solution fell 2.05 percent to 406,000 won and Samsung SDI dropped 2.67 percent to 473,000 won.

The local currency closed at 1,339.5 won against the greenback, up 2.6 won from the previous session's close. (Yonhap)