Global Market: KOSPI surges as Samsung, SK Hynix gain on tech rally

South Korean shares rose sharply on Tuesday, tracking gains on Wall Street, while the won strengthened and government bond yields declined as investor sentiment improved.

The benchmark KOSPI was up 135.91 points, or 1.94%, at 7,143.63 as of 0059 GMT.

Read more | Global Market Today: Asian stocks climb after tech shares power Wall Street


Chipmakers led the gains, with Samsung Electronics rising 2.28% and SK Hynix climbing 2.94%. The Nasdaq posted a record close on Monday, supported by Advanced Micro Devices and other artificial intelligence-related stocks. Lower oil prices and a decline in long-dated US Treasury yields also boosted risk appetite, according to Reuters.

The gains came as South Korea prepared to brief lawmakers on Tuesday on plans for a $350 billion investment package in the United States. The briefing is a key step as Seoul and Washington work to finalise implementation of a trade agreement that reduced US tariffs on South Korean goods to 15%.

Read more: US market ends sharply higher as AI optimism reignites and Treasury yields retreat

Among other major stocks, battery maker LG Energy Solution gained 0.43%, while Hyundai Motor rose 2.30% and Kia Corp advanced 0.92%.

Steelmaker POSCO Holdings added 0.63%, while Samsung BioLogics edged up 0.07%.

Of the 906 stocks traded, 458 advanced and 381 declined. Foreign investors were net buyers of 162.8 billion won ($119.3 million) worth of shares.

The won was quoted at 1,365.7 per dollar on the onshore settlement platform, strengthening 0.71% from its previous close of 1,375.4. The currency has gained 5.4% against the dollar so far this year.

The KOSPI has risen 69.51% so far this year.

In South Korea's debt market, December futures on three-year Treasury bonds gained 0.04 points to 102.26. The most liquid three-year Korean Treasury bond yield fell 1.1 basis points to 4.044%, while the benchmark 10-year yield declined 0.8 basis points to 4.438%.

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