Kospi spikes for fifth straight day on chip rally

The Kospi rose 164.6 points, or 2.42 percent, to close at 6,977.94 as investors snapped up major chipmakers' stocks. The won rose against the dollar.

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A digital board inside the trading room of Hana Bank's main branch shows the Kospi closing 2.42 percent higher than the previous trading session in Jung District, central Seoul, on Aug. 14.

Shares ended sharply higher for the fifth straight session on Friday as investors snapped up major chipmakers’ stocks. The won rose against the dollar.

The benchmark Kospi rose 164.6 points, or 2.42 percent, to close at 6,977.94

On Wall Street overnight, the Dow Jones Industrial Average rose 0.13 percent, and the tech-heavy Nasdaq composite climbed 0.81 percent.

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In Seoul, technology stocks led the advance.

Market bellwether Samsung Electronics rose 2.4 percent to 274,500 won ($195), and rival chipmaker SK hynix gained 3.26 percent to 1.65 million won.

The won strengthened 1.1 won against the dollar to stand at 1,418.3 won at 3:30 p.m.


Yonhap

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