South Korean shares snapped a four-session losing streak to close sharply higher on Wednesday as investors scooped up major technology and semiconductor stocks. Shares of major market movers Samsung Electronics (KRX:005930) and SK Hynix (KRX:000660) added over 2% and 4%, respectively, at market close.
The Korea Composite Stock Price Index, or Kospi, increased by 90.71 points, or about 1.4%, to close at 6,717.97. The Kosdaq also rose by 3.57 points, or 0.4%, to close at 815.98.
In economic news, South Korea has agreed to expand its bilateral cooperation with Uzbekistan in sectors including critical minerals, defense, transportation and infrastructure, artificial intelligence, and digital transformation, according to a South Korean government release on Tuesday.
The declaration comes following a summit meeting between South Korean President Lee Jae Myung and Uzbek President Shavkat Mirziyoyev at Cheong Wa Dae in Seoul on Tuesday.
The two leaders exchanged 13 agreements and MoUs and agreed to set up a Korea desk within the Uzbek government to support South Korean companies and launch a joint business council.
The visiting Uzbek president also agreed to expand South Korean corporate participation in Uzbekistan's future infrastructure projects, building on cooperation in high-speed rail and airport development.
In corporate news, SK Hynix and Intel are discussing a potential deal that could lead to the South Korean company producing memory chips in the U.S., Reuters reported Wednesday, citing three people with knowledge of the matter.
Possible arrangements include SK Hynix partly leasing Intel's planned manufacturing site in Ohio or a joint venture that looks to secure memory chip supply, the report cited two of its sources as saying.
The plan could meet opposition from the South Korean government, which deems advanced memory including high-bandwidth memory as sensitive technology, the sources told Reuters.
SK Hynix toldthat it is reviewing measures such as additional production bases to strengthen its memory business, but added that "no matters have been determined at this stage."
Intel did not immediately respond to a request for comment.
Shares of SK Hynix rose over 4% at market close.