SEOUL, November 12 (AJP) - Asian shares turned higher on Wednesday, with South Korea’s benchmark index rising for a second consecutive session. Semiconductor stocks, however, underperformed after overnight losses in the Philadelphia Semiconductor Index (SOX) and the Nasdaq.
The KOSPI gained 1.07 percent to close at 4,150.39. Institutional investors drove the advance, purchasing 912.1 billion won ($620 million), while retail investors and foreigners sold 446 billion won and 428 billion won, respectively, to take profits.
The Korean won weakened further despite the market rebound, closing at 1,466 per dollar. Government bond yields inched lower but remained elevated, with the three-year note at 2.831 percent.
Gains were capped by weakness in leading chipmakers. Samsung Electronics slipped 0.39 percent to 103,100 won, while SK hynix edged down 0.32 percent to 617,000 won. The selloff followed news that SoftBank Holdings liquidated its entire stake in Nvidia, sending the SOX sharply lower overnight. A broader tech slump on the Nasdaq added pressure to Seoul’s chip-heavy market.
Power equipment stocks also retreated. Hyosung Heavy Industries fell 3.65 percent to 2,220,000 won, while HD Hyundai Electric dropped 1.4 percent to 848,000 won.
Brokerage firms led the rally after strong third-quarter results. Samsung Securities reported a 24 percent on-year increase in operating profit to 401.8 billion won, driven by robust brokerage activity. Its shares jumped 9.17 percent to 83,300 won. Mirae Asset Securities gained 7 percent to 24,550 won, extending the sector’s momentum.
Japan’s Nikkei 225 rose 0.49 percent to 51,090, supported by heavy trading in financial and investment stocks. SoftBank Group recorded turnover of 72 million shares, and Mitsubishi UFJ Financial Group saw 52 million shares traded. Mitsubishi UFJ climbed 3.38 percent to 2,400 yen ($15.53) on expectations that the Bank of Japan will refrain from cutting its benchmark rate, boosting profit prospects for lenders.
China’s Shanghai Composite Index edged down 0.07 percent to 4,000.14 in subdued trade. Activity centered on rare earth and aluminum producers. Inner Mongolia Baotou Steel Union slipped 1.52 percent to 2.6 yuan ($0.37), while Aluminum Corp. of China surged 6.38 percent to 11.68 yuan on expectations that output limits will support prices.
Taiwan’s TAIEX rose 0.58 percent to 27,947.09, and Hong Kong’s Hang Seng Index gained 0.8 percent to 26,921 as of 4:25 p.m.
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