Lead

South Korean stocks closed higher Friday, extending their winning streak to a second consecutive session, as semiconductor shares rallied following overnight gains on Wall Street. The local currency gained ground against the U.S. dollar, according to Yonhap News.

The benchmark Korea Composite Stock Price Index (KOSPI) added 184.03 points, or 2.52 percent, to close at 7,475.94 after choppy trading, the wire service reported.

Coverage comparison

Yonhap News, South Korea's leading wire service, reported the market's advance in detail, attributing the uptick to a strong rebound in U.S. semiconductor shares and easing oil prices. Its reports, one of which added bond market details, were consistent on the main market indicators.

The coverage noted that the KOSPI opened more than 3 percent higher and climbed as much as 5.7 percent during the session, triggering a buy-side sidecar that temporarily halted program trading in KOSPI-listed shares for five minutes. This marked the third activation of the trading curb this week.

The index gave up some of its earlier gains in afternoon trading as investors locked in profits, Yonhap reported.

Key claims

  • The KOSPI added 184.03 points, or 2.52 percent, to close at 7,475.94.
  • Semiconductor shares rallied following overnight gains on Wall Street.
  • The local currency gained ground against the U.S. dollar.
  • Trade volume was moderate at 449.53 million shares worth 31.16 trillion won (US$20.73 billion), with gainers outnumbering losers 799 to 92.
  • Institutions purchased a net 1.13 trillion won worth of shares, while individuals and foreigners sold a net 772.82 billion won and 322.56 billion won, respectively. Foreign investors turned net sellers after two consecutive sessions of net buying.
  • Samsung Electronics rose 2.52 percent to 285,000 won, while SK hynix edged down 0.27 percent to 2.18 million won after opening higher.
  • Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 1 basis point to 3.768 percent.
  • Investor sentiment toward the semiconductor sector improved as Meta's capital spending plans and Micron's investment outlook helped ease concerns about the industry's prospects, Yonhap quoted an analyst as saying.
In broader U.S. markets, the Dow Jones Industrial Average gained 0.27 percent, the S&P 500 rose 0.81 percent, and the tech-heavy Nasdaq Composite climbed 1.3 percent, according to Yonhap.

SK hynix is set to debut on the Nasdaq through the listing of its American depositary receipts, Yonhap noted.