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Seoul shares gain nearly 1% on tech gains

June 13, 2024 - 16:18 By Yonhap
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Thursday. (Yonhap)

South Korean stocks finished nearly 1 percent higher Thursday, extending their winning streak to a third session on tech gains. The local currency slightly rose against the US greenback.

The benchmark Korea Composite Stock Price Index surged 26.72 points, or 0.98 percent, to 2,754.89.

Trade volume was heavy at 690 million shares worth 18.9 trillion won ($13.72 billion), with losers outnumbering gainers 461 to 398.

The index had opened sharply higher, tracking overnight gains on Wall Street led by Apple Inc.

The US tech giant rose 2.86 percent Wednesday, one day after it spiked 7.26 percent following its introduction of a new free artificial intelligence.

Helped by advances in Apple and other tech shares, the Nasdaq jumped 1.53 percent to reach a new high for the third consecutive session, while the S&P 500 also climbed to a new high.

In Seoul, large caps closed mixed.

Tech shares were among a handful of gainers, with market kingpin and tech giant Samsung Electronics surging 2.75 percent to 78,600 won, while No. 2 chipmaker SK hynix spiked 3.26 percent to 222,000 won.

Leading battery maker LG Energy Solution advanced 3.27 percent to 363,000 won, while its local rival Samsung SDS tumbled 2.91 percent to 150,300 won.

Top automaker Hyundai Motor shed 0.37 percent to 269,000 won, while its smaller affiliate Kia retreated 0.65 percent to 121,700 won.

The local currency closed at 1,373.90 won against the dollar, up 2.30 won from the previous session's close. (Yonhap)