KOSPI and the share prices of SK hynix and Samsung Electronics are displayed in the dealing room of Hana Bank in Seoul, Wednesday. The benchmark index closed at 7,284.41, up 6.24 percent from the previous session. SK hynix and Samsung Electronics rose 8.83 percent and 6.27 percent, respectively, to close at 2,082,000 won ($1,398) and 279,500 won. Newsis
Korean stocks soared Wednesday, with KOSPI closing near 7,300 and Kosdaq reclaiming 800, as sentiment toward chipmakers rebounded and softer-than-expected U.S. inflation data boosted risk appetite.
The benchmark KOSPI closed at 7,284.41, up 6.24 percent from the previous session. The index opened 3.3 percent higher at 7,082.91, before extending its advance to more than 6 percent and triggering a buy-side sidecar.
Most sectors gained, supported by net buying from foreign investors. Foreign and institutional investors purchased a net 2.34 trillion won and 183.1 billion won of shares, respectively, while retail investors sold a net 2.46 trillion won.
U.S. semiconductor stocks advanced overnight as bargain hunters stepped in following a recent sell-off. Sentiment toward Korean chipmakers received an additional boost after Barclays said the price of SK hynix's American depositary receipts (ADRs) could double, sending the securities up 27 percent.
