Asia Markets
South Korean Shares Close at New High on Chip, Power Equipment Gains
South Korean shares closed at a new high on Monday, with the primary index crossing the 6,600 level amid a rally led by chip stocks and power equipment manufacturers.The Korea Composite Stock Price Index or Kospi rose 139.4 points, or 2.2%, to end at 6,615.03. The Kosdaq also increased by 22.34 points, or 1.9%, to close at 1,226.18.Shares of chipmakers such as Samsung Electronics (KRX:005930) and SK Hynix (KRX:000660) added over 2% and nearly 6% at market close, while those of Kosdaq-listed Fadu (KOSDAQ:440110) jumped over 19%.Gains were also driven by shares of power equipment manufacturers LS Electric (KRX:010120) and Hyosung Heavy Industries (KRX:298040), which added nearly 13% and 11%, respectively.In corporate news, Fadu posted first-quarter net income of 10.2 billion won, rebounding from a net loss of 12.1 billion won a year earlier, according to a Monday filing with the Korea Exchange.The South Korean chipmaker's sales revenue surged 210% year over year to 59.5 billion won from 19.2 billion won.
^KOSDAQKOSPIKOSDAQ:440110KRX:000660KRX:005930KRX:010120KRX:298040