The main indicator of the Seoul Stock Exchange, the Kospi, rose 1.68% on Wednesday as foreign investors bet on South Korea’s big tech companies, especially chipmakers.
The South Korean benchmark advanced 37.3 points to 2,255.98 integers, while the technology index Kosdaq It gained 8.72 points, or 1.29%, to 683.67.
The Kospi started in fact in negative but as soon as the foreign operators came into play the thing changed and the selective could end its streak of four consecutive days closing to the low.
Encouraged by the news that China could put the brakes on big investments for its semiconductor sector, the purchases focused mainly on the two most capitalized stocks on the Seoul Stock Exchange, Samsung Electronics and SK Hynix.
The first, the benchmark in the South Korean market, rose a significant 4.33%, while SK Hynix, the second largest maker of memory chips in the world, gained an even more remarkable 7.4%.
The owner of the main national internet search engine, Naver, advanced 2.24%, and Kakao, the operator of South Korea’s most popular instant messaging application, also became more expensive, 4.5%.
In the biopharmaceutical sector, Samsung Biologics fell by 1.12% and Hyundai Motor, South Korea’s largest automaker, climbed 0.94%.