The dealing room of Hana Bank in central Seoul, Tuesday / Yonhap
Seoul shares surged more than 2 percent Tuesday to close at a fresh record high above the 5,900-point mark, driven by strong gains in technology shares. The Korean won fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) advanced 123.55 points, or 2.11 percent, to finish at an all-time high of 5,969.64.
The index has extended its upward momentum in recent weeks, surpassing the 5,000-point mark for the first time on Jan. 27 and crossing 5,500 on Feb. 12. It moved above 5,800 on Friday.
Trading volume was heavy at 1.58 billion shares worth 30.73 trillion won (US$21.3 billion), with decliners outnumbering gainers 465 to 407.
Institutions bought a net 2.37 trillion won worth of stocks, offsetting net sales of 199.16 billion won by foreign investors and 2.28 trillion won by retail investors.
The rally came despite overnight losses on Wall Street.
The Dow Jones Industrial Average fell 1.66 percent, and the tech-heavy Nasdaq Composite declined 1.13 percent.
In Seoul, investors scooped up major chip stocks ahead of an earnings report from U.S. chipmaker Nvidia later this week, while remaining cautious over U.S. President Donald Trump's push to impose new tariffs after the Supreme Court struck down his original sweeping duties, analysts said.
Trump signed an executive order Friday (U.S. time) authorizing new 10 percent global tariffs that took effect Tuesday. He has also threatened to raise the rate to 15 percent, though no formal order has been issued.
Source: Korea Times News
