Seoul: Stocks end 1% higher on upbeat earnings, trade report

[SEOUL] South Korean shares ended nearly 1 per cent higher on Tuesday as upbeat earnings from chipmaker SK Hynix and trade data offset investor concerns over slower-than-expected quarterly economic growth.

The benchmark Kospi closed up 28.54 points or 0.94 per cent at 3,049.08.

Among the heavyweights, chip giants Samsung Electronics and SK Hynix rose 1.28 per cent and 2 per cent respectively while battery maker LG Chem and platform company Naver added 1.10 per cent and 2.48 per cent respectively.

SK Hynix, the world's second-biggest memory chipmaker, forecast on Tuesday steady growth in demand for memory chips as it posted its highest quarterly operating profit since 2018 on the back of rising prices.

Hyundai Motor gained 1.18 per cent, tracking a 12.66 per cent surge in Tesla shares overnight even as its third-quarter profit missed analysts' estimates on chip shortage.

The country's trade volume reached US$1 trillion for the year on Tuesday and is set for a record in 2021, the country's customs agency said, lifting risk appetite further.

Investors appeared to show scant response to a central bank data that cited the economy grew slower than expected in the third quarter, as subdued private consumption and weak construction and facility investment offset robust exports.

Foreigners were net buyers of US$90.13 million worth of shares on the main board.

REUTERS