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Seoul, Nov 2 (EFECOM).- The main index of the Seoul Stock Exchange, the Kospi, rose 1.81% this Thursday, encouraged by the decision of the US central bank to maintain interest rates.
The Kospi closed today with an advance of 41.56 points, reaching 2,343.12 units, in a session in which 7.57 trillion won (about 5,320 million euros) were moved.
The Kosdaq technology stock index soared 5.54% or 63.51 points to 1,209.47 points.
The South Korean stock market opened higher, following the gains on Wall Street, motivated by the decision of the United States Federal Reserve to maintain reference interest rates for the second consecutive month, while continuing to try to contain persistent inflation in the territory.
The decision points to a certain shift in moderation by the US central bank following the aggressive monetary policy it has been pursuing in an attempt to curb runaway inflation.
Technology companies posted gains today in Seoul, following the trend of their peers in the US, after chipmaker AMD said it has good prospects for the artificial intelligence chip business.
Local benchmark Samsung Electronics rose 1.6% and South Korea’s second-largest chipmaker SK hynix advanced 4.16%.
Among battery makers, LG Energy Solution climbed 3.71% and rival Samsung SDI added 5.99%.
Companies in the automotive industry also performed well in today’s session. The largest manufacturer in the sector in South Korea, Hyundai Motors, rose by 1% and its subsidiary Kia by 1.4%, while component manufacturer Hyundai Mobis rose by 2.82%.
Among the companies that posted losses was the airline Asiana, which plummeted 8.68% after announcing that it will sell its cargo business in order to get European antitrust authorities to approve its merger with its rival Korean Air.
The local currency, the won, gained 14.40 units against the US dollar, which was exchanged at 1,342.90 won at the close of the session. EFECOM
asb-mra/sgb
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