stocks-summary

Seoul shares scale to new peak on extended chip rally

SEOUL, May 27 (Yonhap) -- South Korean stocks rose for the fourth consecutive session to a new peak of over the 8,200-point mark Wednesday, driven by a strong rally by Samsung Electronics and SK hynix. The local currency gained against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 181.19 points, or 2.25 percent, to close at a record 8,288.7, after rising as high as 8,457.09.

The index opened 2.42 percent higher and extended gains to surpass the 8,450-point level early in early trading, with a buy-side sidecar issued to halt the KOSPI futures for five minutes.

Overnight on Wall Street, the S&P 500 and the Nasdaq clinched all-time closing highs, lifted by surging chip stocks. Chipmaker Micron surged 19 percent to hit US$1 trillion in market value for the first time.

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