South Korean stocks rose for the fourth straight session, buoyed by hopes of a revival in the global semiconductor industry and easing fears over the recent banking crisis. The Korea Composite Stock Price Index gained 0.97% to close at 2,476.86. Investors also heralded China’s Premier Li Qiang’s comments that the country’s economy was seemingly recovering. In addition, the National Assembly’s passing of the K-Chips Act, which expands the tax credit rate for facility investment by chip makers and other national strategy sectors, added to the growing optimism. Heavy trading volume worth $9.62bn was observed with 480 gainers to 407 decliners. Foreign and institutional investors purchased shares worth KRW 517.3bn and KRW 207.16bn respectively, while retail investors sold a net $721.12bn worth of shares. Carmakers were up, with Hyundai Motor up 1.82% to KRW184,500, as was No. 1 steelmaker Posco Holdings, which surged 8.39% to KRW368,000. Samsung Electronics rose 1.27% to KRW64,000, while cell-phone battery maker LG Energy Solutions fell 0.68% to KRW584,000. The local currency closed at 1,301.9 won against the US dollar, down 2.9 won from the previous session’s close.
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