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South Korean Shares Extend Winning Streak on Tech Rally

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South Korean shares closed sharply higher for a third consecutive day, driven by a rally in technology shares after Alphabet's strong second-quarter earnings.

The Korea Composite Stock Price Index, or Kospi, increased by 299.19 points, or 4.4%, to end at 7,096.89. The Kosdaq also rose by 39.19 points, or 5.2%, to close at 790.28.

Shares of Samsung Electronics (KRX:005930) and SK Hynix (KRX:000660) gained nearly 4% and 5%, respectively, at market close.

In economic news, South Korea's GDP grew 3.7% year over year in the second quarter, according to advance estimates released by the Bank of Korea on Thursday.

The pace of growth weakened marginally from the 3.8% expansion recorded in the previous quarter, but beat the consensus forecast for a 3.5% expansion, tracked by Investing.com.

In corporate news, Samsung Heavy Industries (KRX:010140) signed a memorandum of understanding with U.S. nuclear power plant design firm Sargent & Lundy to develop a floating small modular reactor standard platform.

Shares of Samsung Heavy Industries jumped over 9% at market close.

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