Seoul Shares Rise on Chip Gains

SEOUL, Feb. 6 -- South Korean stocks saw an upward trend late Thursday morning, significantly driven by robust performances from major technology shares.

The benchmark Korea Composite Stock Price Index, known as KOSPI, experienced an increase of 17.40 points, equivalent to 0.69 percent, reaching a total of 2,526.67 at 11:20 a.m.

Following a positive performance in U.S. markets the previous evening, the index began strong and continued to build on that momentum throughout the morning.

Leading this market rally were notable tech stocks. Samsung Electronics, a key player in the industry, saw its stock rise by 1.13 percent. Additionally, chip manufacturer SK hynix also noted an impressive gain of 1.61 percent.

Conversely, shares from LG Energy Solution, a pioneering company in electric vehicle batteries, experienced a decline of 1.59 percent. The automotive sector displayed mixed results as well; the leading car manufacturer, Hyundai Motor, rose by 0.73 percent, while its affiliate Kia saw a slight drop of 0.2 percent.

In the pharmaceutical industry, notable gains were observed with major biotech company Samsung Biologics increasing by 0.37 percent, and Celltrion rising by 0.95 percent.

Furthermore, Kakao, the operator of South Korea's leading mobile messaging platform, surged by 3.47 percent, highlighting its strong market position.

On the other hand, there were losses for top portal operator Naver, which fell by 1.97 percent, and POSCO Holdings, the leading steel manufacturer, which dropped by 0.83 percent.

As of 11:20 a.m., the South Korean won was trading at 1,446.4 won against the U.S. dollar, reflecting a decrease of 2.1 won from the previous day's close.

Seoul, Stocks, Tech