Seoul shares spike over 1.6% on US rate cut hopes
The benchmark Korea Composite Stock Price Index climbed 50.25 points, or 1.61 percent, to close at 3,198.00.
Trade volume was a little slim at 270.8 million shares worth 10.9 trillion won ($7.85 billion), with winners far outnumbering losers 684 to 190.
Foreigners and institutions net purchased 291.9 billion won and 94.5 billion won worth of local shares, respectively, while retail investors net sold 471.8 billion won.
The KOSPI had opened in positive terrain, tracking overnight gains on Wall Street sparked by hopes the Fed may begin cutting its key rate in September to support the economy. The Dow Jones Industrial Average closed 1.34 percent higher on Monday, with the tech-heavy Nasdaq composite climbing 1.95 percent and the S&P 500 rising 1.47 percent.
Such hopes were fueled after the US Bureau of Labor Statistics issued a jobs report, which showed the world's largest economy only added 73,000 jobs in July, below the market projection of a 100,000 job gain.
"The Fed has been keeping its rate unchanged, citing the steady employment market, but the situation is different now," said Lee Kyoung-min, an analyst at Daishin Securities.
Lee Jae-won, an analyst at Shinhan Securities, said investor sentiment was also improved on news reports the ruling bloc may reconsider its push for a tax revision aimed at raising taxes on corporations and stock investors.
Market bellwether Samsung Electronics closed 0.29 percent higher at 69,900 won, and its chipmaking rival SK hynix gained 2.13 percent to 263,500 won, reflecting US chip giant Nvidia's 3.62 percent increase Monday.
Leading battery maker LG Energy Solution jumped 2.93 percent to 386,500 won, and its smaller rival Samsung SDI shot up 10.22 percent to 213,500 won.
Financial shares were particularly bullish, with KB Financial spiking 3.69 percent to 112,400 won and Shinhan Financial surging 3.19 percent to 68,000 won.
Major shipbuilders also finished strong, with Hanwha Ocean climbing 1.57 percent to 116,100 won, and HD Korea Shipbuilding shooting up 5.63 percent to 356,500 won.
Bio firm SK Biopharm skyrocketed 15.92 percent to 111,400 won on the back of record second quarter earnings driven by strong sales of its new epilepsy medication Xcopri.
The state-run Korea Electric Power Corp. increased 2.15 percent to 38,300 won, and defense powerhouse Hanwha Aerospace soared 2.45 percent to 961,000 won.
Auto and IT shares were among the few losers.
Top automaker Hyundai Motor went down 0.24 percent to 210,500 won, and its sister Kia lost 1.36 percent to 101,400 won.
Kakao, the operator of the country's dominant mobile messenger, slid 1.26 percent to 54,700 won, and top internet portal operator Naver dipped 0.22 percent to 232,000 won.
The local currency was quoted at 1,388.3 won against the greenback at 3:30 p.m., down 3.1 won from the previous session. (Yonhap)
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