KOSPI Rises 3% on Tech Stocks Rally
South Korea's KOSPI index gains nearly 3% to 6,530 on Wednesday
The benchmark KOSPI rose nearly 3% to around 6,530 on Wednesday, extending gains for a third straight session, led by major technology stocks.
Samsung Electronics jumped more than 3%, and SK hynix gained over 1%, while optimism over strong AI-related demand and expectations of increased shareholder returns supported sentiment.
Other notable gainers included SK Square (6.0%), Hyundai Motor (1.1%), LG Energy Solution (3.5%), Hanwha Aerospace (3.1%), KB Financial Group (1.2%), Kia (1.3%), and Doosan Enerbility (2.2%).
Investors also looked ahead to the US July inflation report, with a softer-than-expected reading potentially easing concerns over a September Federal Reserve rate hike.
Meanwhile, renewed Middle East tensions remained a risk to sentiment after hopes for a potential US-Iran peace deal faded, while the continued closure of the Strait of Hormuz pushed US crude prices above $83 a barrel, keeping inflationary pressures in focus.