KOSPI Rises on Semiconductor Gains and AI Optimism
South Korean shares rose for the third straight session on Tuesday as investors bought major semiconductor stocks, following an overnight rally on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) gained 10.19 points or 0.15% to close at 7,017.91.
The KOSPI had initially risen by over 2% but pared its gains as individual and institutional investors sold tech heavyweights to lock in profits. The local currency, the Korean won, also strengthened against the US dollar.
Investor sentiment improved due to a broad rally in AI-related stocks, falling oil prices, and softening US Treasury yields. Lee Kyung-min, an analyst at Daishin Securities, attributed the gains to Meta's new AI agent, MUSE, which ranked No. 1 on the US App Store.
Market heavyweights closed mixed with Samsung Electronics up 0.91% and SK hynix down 1.5%. The Korean won was quoted at 1,358.2 per US dollar as of 3:30 p.m., up 7.2 won from the previous session's close.