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Seoul: Stocks peak to 11-week high as major techs rally after holiday break

[SEOUL] South Korean shares surged to end at an 11-week high on Tuesday, led by major tech shares such as Samsung Electronics and SK Hynix, and catching global stock gains made during a six-day break in which local markets were closed.

The Korea Composite Stock Price Index (KOSPI) closed up 1.6 per cent at 2,433.81 points, its highest closing level since July 27.

Market heavyweight Samsung Electronics and SK Hynix rose 3 per cent and 7 per cent, respectively.

The South Korean won also shot up to a two-week high on strong foreign demand for local stocks.

The won was quoted at 1,135.1 to the US dollar at the conclusion of onshore trade, marking its strongest closing level since Sept 25. It was up 0.9 per cent compared to last close at 1,145.4.

Offshore investors added a net 817.1 billion won (S$978 million) worth of KOSPI shares to their portfolios on the day.

REUTERS

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