The Kospi rises 1.57% thanks to the bonanza of technology companies

February 4, 2022

Seoul, Feb 4 (EFE).- The main index of the Seoul Stock Exchange, the Kospi, rose 1.57% this Friday and chained its third session on the rise after a volatile day, thanks to the good performance of technology companies. The Kospi advanced 42.44 points, to stand at 2,750.26 units, in a session in which 11.1 trillion won (8,080 million euros) were moved. The Kosdaq technology stock index added 1.26%, or 11.27 points, to 902.87 integers. The South Korean parquet opened with gains despite the fall on Wall Street after the impact of the results of Facebook and the concern about the predicted rate hike in the United States, after the British central bank undertook a new hike for its part. The advance in US stock futures encouraged investors in Seoul and put the upward trend on track, as well as a good performance in technology stocks and rumors of an relaxation of anticovid measures in the Asian country, which boosted susceptible stocks. . Most large-cap companies rose. Local technology benchmark Samsung Electronics advanced 0.95%, and South Korea’s second-largest chipmaker SK hynix climbed 2.9%. Battery maker LG Energy Solution added 5.6%; the main operator of the country of South Korea, Naver, rose 2.18% and chemical LG Chem advanced 0.15%. Among the companies that reaped losses were South Korea’s leading automaker Hyundai Motor, down 0.78%, and drugmaker Samsung Biologics down 0.38%. The local currency, the won, rose 9.40 against the US dollar, which was trading at 1,197 won at the close of the session.