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S.Korea stocks reach 6-week peak as tech shares rally; Samsung Elec hits record
September 18, 2017 / 3:01 AM / 3 months ago

S.Korea stocks reach 6-week peak as tech shares rally; Samsung Elec hits record

    * KOSPI has solid gains in wake of Wall St advance
    * Tech shares rally on high hopes of strong Q3 earnings
    * Samsung Elec gains more than 2 pct, touches record high

    SEOUL, Sept 18 (Reuters) - South Korean shares rallied to a
more than a six-week high early on Monday as strong gains for
Wall Street's tech sector boosted investors' appetite for Korean
counterparts while concerns about North Korea risks eased.
    As of 0230 GMT, the Korea Composite Stock Price Index
(KOSPI)         was up 1.1 percent at 2,411.78 points, its
highest intraday level since Aug. 3.
    The South Korean won            edged up, standing at
1,127.9 against the dollar, up 0.3 percent compared to Friday's
close of 1,131.7.
    "Local shares have been pressured throughout August and
September due to geopolitical risks and now that the risks
somewhat calmed, the KOSPI is showing a sharp rebound," said
Rhoo Yong-seok, a stock analyst at KB Securities.
    Rhoo said that a brighter outlook for tech sector quarterly
earnings sector was also driving the overall stock index up.
    "Semiconductors are expected to remain strong for the next
couple of quarters as DRAM prices will continue to rise."
    Tech giant Samsung Electronics             rose 2.8 percent
to a record high at 2,590,000 won while chipmaker SK Hynix
            gained more than 3 percent.             
    The sub-index for electric and electronics shares         
touched a record intraday level after gaining 2.3 percent.
    Shares of securities firms         jumped 3.5 percent,
cheered by large gains in Seoul bourse.
    Foreign investors were poised to be net buyers, purchasing
58.8 billion Korean won ($52.16 million) of KOSPI shares near
mid-session, buttressing the index. 
    September futures on three-year treasury bonds         lost
0.01 point to 109.39. 
    
                       0230 GMT    Prev close
 Dollar/won             1,127.9       1,131.7
 Yen/won             10.1421/57       10.2106
 *KTB futures            109.39        109.40
 KOSPI                 2,411.78      2,386.07
 * Front-month futures on three-year treasury bonds
    

 (Reporting by Dahee Kim; Editing by Richard Borsuk)
  

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