South Korean shares stopped their two-day losing streak and closed sharply higher on Tuesday, after investors took to bargain-hunting, with a particular focus on technology stocks.
The Korea Composite Stock Price Index, or Kospi, increased by 231.68 points, or 3.6%, to end at 6,747.95. The Kosdaq also rose by 3.7 points, or 0.5%, to close at 753.34.
In corporate news, Samsung Electronics' (KRX:005930) US unit, Samsung Electronics America, launched its first credit card called the Galaxy Card in the U.S., according to a Tuesday release.
The Samsung Galaxy Card, issued by Barclays US Consumer Bank on the Visa network, will take applications from Wednesday, July 22, the release said.
Shoppers can also apply for the card at Samsung retail stores and receive an extra $200 cash bonus after spending $2,000 within the first 90 days of opening the account.
Shares of Samsung Electronics added over 6% at market close.
In other news, Fitch affirmed KB Financial Group (KRX:105560) subsidiary Kookmin Bank's long-term issuer default rating (IDR) at A and short-term IDR at F1+ with a stable outlook.
The ratings agency on Monday also affirmed the Korean bank's government support rating (GSR) and viability rating (VR) at a.
Fitch expects the bank's underlying profitability to remain above 2% over the next two years, aided by moderate loan growth, cost discipline and a stabilizing net interest margin. In addition, the bank's strong domestic banking franchise, along with its diverse products and solutions, is expected to raise business volumes and lead to resilient near-term earnings.
Shares of KB Financial Group added over 3% at market close.
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