KOSPI Rises 0.23% on Tech Gains Amid Mideast Tensions
South Korean stocks rose for the second consecutive day on September 1, driven by gains in tech shares despite escalating tensions in the Middle East. The Korea Composite Stock Price Index (KOSPI) closed at 6,835.80, up 15.78 points or 0.23 percent.
The index had opened lower, tracking overnight losses on Wall Street following resumed military clashes between the US and Iran. However, it erased those losses in the afternoon after government data showed solid exports in August, supported by strong chip demand.
Market bellwethers Samsung Electronics and SK hynix led the gains, rising 0.38 percent to 261,000 won and 1.14 percent to 1.69 million won respectively. Oil refineries also saw increases as crude oil prices rose, with industry leader SK Innovation jumping 7.81 percent to 135,300 won.
The Korean won was quoted at 1,370.4 won against the US dollar, down 1.8 won from the previous trading session.