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An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Thursday. (Yonhap) |
South Korean stocks finished more than 1 percent higher to hit this year's high Thursday as investor sentiment was boosted by revived hopes for a rate cut in the United States and Samsung Electronics' upcoming earnings guidance.
The benchmark Korea Composite Stock Price Index added 30.93 points, or 1.11 percent, to 2,824.94. It marked the highest closing price since Jan. 21, 2022, when it finished at 2,834.29.
Trade volume was slim at 386.4 million shares worth 12.8 trillion won ($9.26 billion), with gainers beating decliners 484 to 387.
Foreigners and institutions purchased a net 321.6 billion won and 1.1 trillion won, respectively, while individuals dumped a net 1.14 trillion won.
Overnight, the U.S. stock market enjoyed a rally on hopes for the Federal Reserve's dovish move after softening labor data and strong performance by tech shares, including artificial intelligence chip giant Nvidia.
In Seoul, market bellwether Samsung Electronics led the bullish market, rising 3.42 percent to 84,600 won. The world's largest memory chipmaker will release its second-quarter earnings guidance on Friday, which is expected to record an operating profit for the second quarter in a row.
But its rival SK hynix fell 2.54 percent to 230,000 won.
Battery shares were strong as industry leader LG Energy Solution rose 0.28 percent to 359,000 won and Samsung SDI climbed 2.18 percent to 374,500 won.
Bank shares were among the biggest winners after the Seoul government's "value-up program" to support undervalued companies. KB Financial Group rose 1.78 percent to 85,900 won, and Hana Financial Group gained 1.86 percent to 65,800 won.
But entertainment companies finished in mixed territory. Leading studio CJ ENM tumbled 11.86 percent to 69,100 won, and K-pop powerhouse Hybe added 2.03 percent to 201,000 won.
The local currency was trading at 1,380.4 won against the greenback as of 3:30 p.m., up 10.2 won from the previous session's close.
Since Monday, South Korea's foreign exchange market for won-U.S. dollar transactions has been operating until 2 a.m. as part of the government's efforts to enhance investors' convenience and improve market access. (Yonhap)
