South Korean stocks ended higher Wednesday to hit the highest in 22 months, tracking overnight Wall Street gains driven by megacap tech stocks. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index rose 11.76 points, or 0.44 percent, to 2,693.57, marking the highest closing since April 29, 2022, when the comparable figure was 2,695.05. Trade volume was moderate at 491 million shares worth 10.7 trillion won (US$8.14 billion), with winners beating losers 444 to 429. Foreign investors led the overall gains, buying a net 334 billion won worth of shares, while institutions and retail investors unloaded shares. Overnight, Wall Street logged strong gains as investors shored up Nvidia, Oracle and other big tech stocks despite higher-than-expected February consumer price data. The Dow Jones Industrial Average rose 0.61 percent, and the S and P 500 gained 1.12 percent. The Nasdaq Composite added 1.54 percent. "Despite the higher-than-expected U.S. inflation data, Wall S treet was fueled by the continued forecast of a rate cut by the Fed in June and a rebound of artificial intelligence-related stocks," Han Ji-young, an analyst at Kiwoom Securities, said. In Seoul, tech and financial shares advanced, with top-cap Samsung Electronics rising 1.09 percent to 74,100 won and leading banking firm KB Financial jumping 5.87 percent to 77,500 won. Auto and telecom shares also enjoyed brisk trading, with industry leader Hyundai Motor climbing 2.90 percent to 248,500 won and SK Telecom adding 0.95 percent to end at 53,100 won. Battery-related shares, however, lost ground as investors took profit from strong gains the previous session. Industry leader LG Energy Solution slipped 0.24 percent to 418,000 won, and POSCO Future M fell 0.45 percent to 334,500 won. The local currency ended at 1,314.50 won against the greenback, down 3.50 won from the previous session's close. Bond prices, which move inversely to yields, rose. The yield on three-year Treasurys fell 2.2 basis points to 3.251 percent, and the return on the benchmark five-year government bonds dropped 1.2 basis points to 3.272 percent. Source: Yonhap News Agency
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