Shares rise on the back of Wall Street gains

Home > Business > Finance

print dictionary print

Shares rise on the back of Wall Street gains

Screens in Hana Bank's trading room in central Seoul show the Kospi closing at 2,517.85 points on Friday, up 1.03 percent, or 25.78 points, from the previous trading session. [YONHAP]

Screens in Hana Bank's trading room in central Seoul show the Kospi closing at 2,517.85 points on Friday, up 1.03 percent, or 25.78 points, from the previous trading session. [YONHAP]

Shares gained more than 1 percent Friday, led by the strong performance of big-cap tech shares that tracked overnight gains on Wall Street. The local currency sharply rose in value against the dollar.
 
The Kospi added 25.78 points, or 1.03 percent, to finish at 2,517.85.  
 
The Kospi's trade volume was moderate at 421.4 million shares worth 7.69 trillion won ($5.88 billion), with winners outnumbering losers 539 to 339.
 
Institutions and foreigners bought shares worth 432.7 billion won and 201.3 billion won, respectively, while retail investors dumped a total of 647.8 billion won worth of shares.
 
Overnight, all three major U.S. indexes gained ground, with the tech-heavy Nasdaq composite up 1.37 percent, as communication and IT shares rallied on favorable news in the AI sector.
 
Alphabet, the parent company of Google, jumped more than 5 percent on the launch of its latest AI model, Gemini, and Advanced Micro Devices shot up 9.9 percent after it estimated that the market for data center AI chips could reach $45 billion this year.
 
"The Kospi gained upward momentum on foreign investors' buying scheme and gains in semiconductor shares amid a surge in AI stocks in the U.S. market," Lee Kyoung-min, an analyst at Daishin Securities, said.
 
In Seoul, market heavyweights ended in positive territory to push up the Kospi.
 
Samsung Electronics jumped 1.54 percent to 72,600 won, and SK hynix gained 1.51 percent to 127,500 won.
 
LG Energy Solution climbed 0.94 percent to 430,500 won, Samsung SDI added 1.47 percent to 450,000 won, and Posco Future M jumped 2.54 percent to 343,000 won.
 
Posco Holdings soared 5.48 percent to 471,500 won.
 
IT and auto stocks also gained ground.
 
Naver advanced 2.35 percent to 217,500 won, and Kakao rose 2.38 percent to 51,700 won.
 
Hyundai Motor added 1.37 percent to 185,100 won, and Kia gained 1.53 percent to 86,400 won.
 
The local currency ended at 1,306.80 won against the dollar, down 18.5 won from the previous session's close.
 
Bond prices, which move inversely to yields, closed mixed. The yield on three-year government bonds fell 3.5 points to 3.478 percent, and the return on the benchmark U.S. 10-year government bonds rose 4.7 points to 4.154 percent.

BY KIM JU-YEON, YONHAP [[email protected]]
Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
s
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)