South Korean shares log record-high close on chipmakers` boost

South Korean shares closed at a record high on Wednesday, supported by demand optimism over artificial intelligence technologies driving profits at domestic chipmakers. The won strengthened, while the benchmark bond yield rose.
The benchmark KOSPI closed up 70.74 points, or 1.76%, at 4,081.15.
Among index heavyweights, chipmaker Samsung Electronics rose 1.01%, while peer SK Hynix gained 7.10%. Battery maker LG Energy Solution climbed 0.78%.
Addressing a summit of APEC CEOs in Gyeongju, U.S Presient Donald Trump said a trade deal with South Korea would be finalised "very soon", though officials on both sides have been downplaying the prospect of a breakthrough this week.
The United States and South Korea signed a memorandum of understanding on "technology prosperity", South Korea's Ministry of Science and ICT said on Wednesday, including using artificial intelligence to speed up progress in various technologies and industries.
SK Hynix said it expects the global memory chip market to experience a prolonged "super cycle", and that supply growth is likely to be limited just as demand for AI applications expands.
Shares of Hyundai Motor and sister automaker Kia Corp were up 2.99% and 1.94%, respectively.
Steelmaker POSCO Holdings added 1.55%, while drugmaker Samsung BioLogics fell 0.89%.
Of the total 930 traded issues, 305 shares advanced, while 566 declined.
Foreigners were net sellers of shares worth 227.3 billion won.
The KOSPI has risen 70.08% so far this year.
The won has strengthened 2.8% against the dollar so far this year.
In money and debt markets, December futures on three-year treasury bonds (KTBc1) lost 0.12 point to 106.55.
The most liquid three-year Korean treasury bond yield (KR3YT=RR) rose 4.3 basis points to 2.676%, while the benchmark 10-year yield rose by 4.7 basis points to 2.985%.

Sumber : Reuters