South Korean Stocks Rally for Fifth Straight Day, Approaching 7,000 Point Mark

Deep News08-14 15:00

South Korea's stock market extended its winning streak to a fifth consecutive session on Friday, as investors aggressively bought shares in major chipmakers. The South Korean won also strengthened against the US dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) surged 164.60 points, or 2.42%, to close at 6,977.94. In overnight trading on Wall Street, the Dow Jones Industrial Average edged up 0.13%, while the tech-heavy Nasdaq Composite Index gained 0.81%.

Technology stocks led the rally on the Seoul bourse. Market bellwether Samsung Electronics shares rose 2.4% to close at 274,500 won, while its chip rival SK Hynix shares climbed 3.26% to 1.65 million won. As of 3:30 p.m. local time, the won was trading at 1,418.3 against the US dollar, up 1.1 won from the previous session's close.

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