South Korea: Stocks end at 7-month high as chipmakers jump

[SEOUL] South Korean shares closed over 1 per cent higher on Tuesday as chipmakers soared after chip prices rebounded, and as foreigners bought more local stocks on better risk appetite. The won strengthened, while the benchmark bond yield fell.

Shares of Samsung Electronics and SK Hynix ended up 3.7 per cent and 4.7 per cent, respectively.

Following a "Phase one" trade deal between the United States and China, risk sentiment improved and a sharp rise in chipmakers led gains in the broader markets, said Hana Financial Investment analyst Lee Young Gon.

The Kospi ended up 27.53 points, or 1.27 per cent, at 2,195.68, posting its highest close since May 3.

Foreigners were net buyers of 554.3 billion won ($470.01 million) worth of shares on the main board.

The won was quoted at 1,166.2 per US dollar on the onshore settlement platform, 0.52 per cent higher than its previous close at 1,172.3.

In offshore trading, the won was quoted at 1,165.8 per US dollar, up 0.1 per cent from the previous day, while in non-deliverable forward trading, its one-month contract was quoted at 1,164.5 per US dollar.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.93 per cent, after US stocks notched record closing highs overnight. Japanese stocks rose 0.47 per cent.

The Kospi has risen 7.58 per cent so far this year, and gained 1.8 per cent in the previous 30 trading sessions.

The trading volume during the session on the Kospi index was 587.00 million shares and, of the total traded issues of 908, the number of advancing shares was 446.

REUTERS