SEOUL STOCKS SOAR TO RECORD HIGH, BREACHING 4,200 MARK FOR 1ST TIME

SEOUL, Nov 3 (Bernama-Yonhap) -- South Korean shares surged nearly 2.8 per cent Monday to again set an all-time high, led by sharp gains in big-cap chip and defence shares. The local currency lost ground against the US dollar, Yonhap News Agency reported.

The benchmark Korea Composite Stock Price Index (KOSPI) skyrocketed 114.37 points, or 2.78 per cent, to 4,221.87.

It marked the first time in history the KOSPI surpassed the 4,200 mark. The achievement was made just a session after the index breached the 4,100 mark for the first time Friday.

Trade volume was heavy at 468 million shares worth 22.5 trillion won (US$15.7 billion), with losers outnumbering winners 611 to 288.

Retail investors went on a buying spree, net purchasing 651.2 billion won worth of local shares, while institutions bought 185.4 billion won. Foreign investors, however, unloaded a net 795 billion won in apparent profit-taking.

"The domestic stock market continued to see positive momentum following the Asia-Pacific Economic Cooperation (APEC) gathering last week," Lee Kyoung-min, an analyst at Daishin Securities, said.

"In particular, Nvidia's announcement on Friday to supply up to 260,000 units of artificial intelligence (AI) chips to South Korea boosted the KOSPI, fueling expectations for an expansion of data centres and AI partnerships," Lee added, noting shares related to semiconductor, electric power equipments and renewable energy were bullish.

The KOSPI's rise came in line with major US indexes, which closed higher Friday on the back of sharp gains in Amazon Web Services (AWS) and Tesla. The Dow Jones Industrial Average rose 0.09 per cent, the tech-heavy Nasdaq composite increased 0.61 per cent, and the S&P 500 added 0.26 per cent.

In Seoul, tech behemoth Samsung Electronics rose 3.35 per cent to a record high of 111,100 won, while its chipmaking rival SK hynix shot up 10.91 per cent, also to its highest-ever mark of 620,000 won, continuing their recent rally sparked by growing optimism for the AI sector.

The AI optimism also boosted information technology (IT) and energy shares.

Defence and shipbuilding shares were bullish, with major firms posting robust third-quarter earnings.

The Korean won was quoted at 1,428.8 won per dollar at 3:30 p.m., down 4.4 won from the previous session.

-- BERNAMA-YONHAP