South Korean Shares Close Higher for Fifth Day on Chip Stock Gains
South Korean shares extended their winning streak for a fifth consecutive session on Wednesday, owing to a rally by key chipmakers in the country, such as Samsung Electronics (KRX:005930) and SK Hynix (KRX:000660), which added over 1% and nearly 6% at day's end.The benchmark Korea Composite Stock Price Index, or Kospi, increased by 1.6%, or 137.64 points, to close at 8,864.24. The Kosdaq also rose by 1.3%, or 13.28 points, to end at 1,031.96.In corporate news, Taihan Cable & Solution (KRX:001440) secured a supply order for HVDC XLPE power cables and related accessories from Korea Electric Power Corporation (KRX:015760), according to a filing with the Korea Exchange on Wednesday.The contract, valued at 133.02 billion won, excluding VAT, is valid until March 27, 2028.Shares of both Taihan Cable & Solution added over 1% at market close, while those of Korea Electric Power added nearly 2%.In other news, Kolon (KRX:002020) subsidiary Kolon Global (KRX:003070) secured a street housing redevelopment project in Majang-dong district 3 in Seoul, according to a Wednesday filing with the Korea Exchange.The project is valued at 103.4 billion won.Shares of Kolon added nearly 1% at market close.
