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South Korean Shares Hit New High on Chip, Auto Gains

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South Korean shares closed at a new high on Wednesday, after rebounding from the previous day's losses, owing to gains made by chip and automotive stocks.

Shares of major market movers Samsung Electronics (KRX:005930), SK Kynix (KRX:000660), Hyundai Motor (KRX:005380), and Kia (KRX:000270) added nearly 2%, 8%, 10%, and about 7% at market close.

The Korea Composite Stock Price Index or Kospi increased by 200.86 points, or 2.6%, to end at 7,844.01. The Kosdaq declined by 2.36 points, or 0.2%, to close at 1,176.93.

In economic news, the seasonally adjusted unemployment rate in South Korea in April edged up to 2.8% from 2.7% in March, data from Statistics Korea indicated Wednesday.

On an annual basis, the unemployment rate remained unchanged.

The number of unemployed people fell to 853,000 in April from 854,000 a year earlier.

In corporate news, Hanwha Engine (KRX:082740) secured a contract for a ship engine from Hanwha Ocean (KRX:042660), according to a Wednesday filing with the Korean Exchange.

The contract, valued at 354.2 billion won, is valid until June 26, 2028.

Shares of Hanwha Engine rose nearly 2% at market close.

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