STOCKS | South Korean Stocks Rise for Second Straight Session as Tech Gains Offset Rate-Hike Concerns

South Korean stocks closed sharply higher for a second consecutive session on Wednesday, supported by gains in technology shares, despite concerns that inflation could prompt more aggressive Federal Reserve tightening. According to Sina Finance, the KOSPI rose 136.23 points, or 2.6%, to 5,375.36 after opening down 0.56%; it reached an intraday high of 5,377.99. The index had gained 4.39% on Tuesday, supported by gains in U.S. technology stocks and lower international oil prices. The Korean won strengthened against the U.S. dollar. Overnight, the Dow Jones Industrial Average fell 0.3% and the Nasdaq Composite declined 0.74%. U.S. consumer prices rose 0.3% month over month in October, above market expectations, stoking concerns about inflation and expectations of more aggressive monetary tightening by the Federal Reserve.