KOSPI Rises For Second Straight Session On Chip Rally

According to Yonhap, Seoul stocks rose for a second consecutive session Wednesday as an extended rally in chip shares lifted the market ahead of upcoming earnings releases from U.S. big tech companies. The benchmark Korea Composite Stock Price Index (KOSPI) closed up 49.75 points, or 0.74 percent, at 6,797.7 after climbing as high as 7,166.00. After opening sharply higher, the index gave back part of its gains as retail and institutional investors sold tech heavyweights to lock in profits. Lee Kyoung-min, an analyst at Daishin Securities, said the KOSPI pared some of its advance amid higher global oil prices and caution before Alphabet's earnings release. Alphabet, the parent company of Google, is expected to report second-quarter results Wednesday U.S. time.