South Korean Shares Rise on Chip Gains

The benchmark KOSPI rose nearly 1% to around 6,930 on Wednesday, snapping a two-day decline as gains in US semiconductor shares lifted Korean chipmakers. The Philadelphia Semiconductor Index rose 1.3% overnight, while Samsung Electronics and SK hynix gained about 0.5% and 2.7%, respectively, reflecting renewed demand for major technology stocks. Other notable performers included SK Square (2.9%), Doosan Enerbility (2.5%), and HD Hyundai Heavy Industries (2.1%). The index was also on track to gain roughly 1.7% in September. Meanwhile, elevated US Treasury yields limited the advance, with the 10-year yield near its highest level since 2007 and the 30-year yield reaching its highest since 2002, keeping borrowing costs elevated for technology stocks. Additionally, Samsung Electronics and SK hynix could complete their combined KRW 55 trillion buybacks by mid-October, earlier than the previously expected late-November timeline, potentially removing an important source of KOSPI demand.