SEOUL: Round-up of South Korean financial markets:
South Korean shares rose more than 1% on Wednesday, snapping a four-session losing streak as chipmakers rebounded, while investors awaited the outcome of the U.S. Federal Reserve's policy meeting for further market direction.
The benchmark KOSPI closed up 90.71 points, or 1.37%, at 6,717.97.
Shares of SK Hynix extended gains to close 4.08% higher after Reuters reported that the chipmaker was in talks with Intel on a deal to manufacture memory chips on U.S. soil for the first time.
Peer chipmaker Samsung Electronics rose 2.01%.
"There was dip buying in the semiconductor sector after recent sharp losses triggered by AI slowdown worries," said Seo Sang-young, an analyst at Mirae Asset Securities.
The Fed will raise its interest rate on Wednesday and deliver at least one more hike by the end of March, according to a majority of economists polled by Reuters, reversing a fragile no-change consensus that prevailed before official data on Friday showed firm inflation.
Among other index heavyweights, battery maker LG Energy Solution climbed 0.41%, while Hyundai Motor and sister automaker Kia Corp were down 1.36% and 0.90%, respectively.
Shares of steelmaker POSCO Holdings shed 1.66%, while drugmaker Samsung BioLogics fell 0.21%.
Of the total 917 traded issues, 304 shares advanced, while 578 declined.
Foreigners were net sellers of shares worth 1.7 trillion won ($1.24 billion).
The won was quoted at 1,368.6 per dollar on the onshore settlement platform, 0.29% lower than its previous close at 1,364.6.
In money and debt markets, December futures on three-year treasury bonds gained 0.19 point to 102.15.
The most liquid three-year Korean treasury bond yield fell 4.5 basis points to 4.055%, while the benchmark 10-year yield fell 3.7 basis points to 4.551%. - Reuters
