Seoul shares shoot up nearly 6.5 pct to over 7,300 on chip rally, Mideast hopes; won rises - UPI.com

Employees take part in a ceremony at the trading room of Woori Bank in Seoul on Wednesday to celebrate the benchmark KOSPI closing at an all-time high of 7,384.56. Photo by Yonhap

South Korean stocks shot up nearly 6.5 percent Wednesday, extending a record-breaking run to top the 7,300-point mark, driven by a semiconductor rally and optimism for a potential peace deal in the Middle East. The local currency also strengthened against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) added 447.57 points, or 6.45 percent, to a fresh record high of 7,384.56.

It marked the second-largest daily gain in terms of points following 490.36 points reached on March 5.

Trade volume was heavy at 984.4 million shares worth 58.2 trillion won (US$40 billion), with losers outnumbering winners 199 to 677.