South Korean stocks extended gains for a second straight session on Sept 4, with the benchmark Kospi climbing nearly 2% as strong export data and easing concerns over further US interest rate hikes boosted investor appetite.
Yonhap reported that Kospi rose 107.73 points, or 1.64%, to close at 6,687.21, following a 0.26% gain in the previous session. Foreign and institutional investors drove the advance with combined net purchases of 2.15 trillion won, while retail investors sold a net 3.72 trillion won.
Sentiment was supported by comments from US Federal Reserve (Fed) Governor Christopher Waller, who signalled he could favour keeping rates unchanged at the Fed’s September meeting as recent data showed signs of easing inflationary pressure.
At home, confidence was strengthened by the Bank of Korea’s latest data showing continued strength in artificial intelligence-related exports. South Korea posted its second-largest current account surplus in July, extending its run of monthly surpluses to 39 consecutive months.
Semiconductor heavyweights led gains, with Samsung Electronics rising 2.2% to 255,500 won and SK hynix advancing 3.2% to 1,647,000 won.
Oil refiners also rallied as heightened US-Iran tensions pushed Brent crude above US$95 a barrel. SK Innovation surged 5.73%, while S-Oil jumped 6.36%. In contrast, LG Energy Solution fell 1.92% and KB Financial declined 3.32%.
Nevertheless, trading remained relatively light, with 235.5 million shares worth 17.46 trillion won changing hands as advancers beat decliners 546 to 309.
