Global Market: Kospi extends winning streak to four sessions as Samsung, SK Hynix rally

South Korean shares rose nearly 2% on Tuesday to their highest level in three weeks, led by gains in heavyweight semiconductor stocks as investor concerns over the sustainability of artificial intelligence-related investment demand eased, according to a report by Reuters.

The benchmark Kospi gained 133.95 points, or 1.91%, to 7,129.34 as of 0217 GMT, extending its winning streak to a fourth session. The index also reached its highest intraday level since August 18.

Chipmakers led the advance, with Samsung Electronics rising 2.59% and SK Hynix climbing 3.98%. According to the report, easing concerns over the durability of AI investment demand have helped improve sentiment toward the semiconductor sector after it came under pressure last month.


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The broader market was mixed, however. Battery maker LG Energy Solution declined 1.38%, while Hyundai Motor and Kia fell 0.64% and 0.47%, respectively. POSCO Holdings slipped 0.15%, while Samsung BioLogics lost 0.41%.

Of the 909 stocks traded, 405 advanced and 452 declined. Foreign investors were net buyers of South Korean shares worth 129.1 billion won ($96.51 million).

The South Korean won strengthened 0.73% to 1,336.9 per dollar from Monday's close of 1,346.7.

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Economic data also showed that South Korea's economy expanded 0.6% in the second quarter from the previous quarter. The report stated that the growth rate was unchanged from the central bank's advance estimate released in late July.

In the bond market, September futures on three-year Treasury bonds rose 0.07 point to 103.19. The yield on the most liquid three-year Korean Treasury bond fell 2.7 basis points to 3.877%, while the benchmark 10-year yield declined 1.5 basis points to 4.366%.

Wall Street was closed on Monday for a public holiday, leaving regional markets to take cues from other developments and sector-specific trends.