Kospi surges on tech and financial gains

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Kospi surges on tech and financial gains

Published: 07 Jun. 2024, 09:55 Updated: 07 Jun. 2024, 10:12

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,689.50 points on Wednesday, up 1.03 percent, or 27.40 points, from the previous trading session. [YONHAP]

Stocks opened sharply higher Friday backed by gains of big-cap tech and financial shares.

The Kospi rose 38.36 points, or 1.43 percent, to 2,727.86 in the first 15 minutes of trading.

Overnight, the U.S. stock market closed mixed as investors remained cautious ahead of key jobs data, to be released later in the day, which will likely set the tone for the Federal Reserve's rate policy.

In Seoul, Samsung Electronics gained 0.9 percent, and SK hynix soared 4.28 percent.

Battery shares also continued their gains from the previous session. Industry LG Energy Solution rose 1.42 percent, and Samsung SDI added 1.28 percent.

Financial shares also sharply gained ground, with KB Financial Group up 3.23 percent, Shinhan Financial Group up 5.16 percent and Hana Financial Group up 2.85 percent.

Steel giant Posco Holdings also advanced 1.18 percent, and LG Chem jumped 2.14 percent.

The local currency was trading at 1,367.40 won against the dollar, down 5.6 won from the previous session's close.

BY CHOI HAE-JIN, YONHAP [choi.haejin@joongang.co.kr]