SEOUL, Sept. 19 (Xinhua) -- South Korean stocks kept a winning streak for 10 straight sessions through Thursday on the back of the U.S. interest rate cut.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.62 points, or 0.46 percent, to settle at 2,080.35. Trading volume stood at 484 million shares worth 4.6 trillion won (3.9 billion U.S. dollars).
The KOSPI ended at the highest level in about eight weeks as the U.S. Federal Reserve cut its benchmark interest rate by 25 basis points to a range of 1.75-2.00 percent.
It bolstered expectations for the Bank of Korea (BOK) to slash its target rate further by the end of this year, after lowering it from 1.75 percent to 1.50 percent in July.
BOK Governor Lee Ju-yeol said the U.S. rate cut reduced burden for other central banks, including the BOK, in the management of monetary policy, noting that the Fed did not close a room for further rate cut.
Foreigners were net sellers in the local stock market, while retail and institutional investors reduced their holdings of shares.
Tech stocks rallied as BOK data showed the export price for semiconductors rebounding last month. It raised hopes that the downturn in business cycle of the global chip industry may have ended.
Market bellwether Samsung Electronics went up 3 percent, and memory chip giant SK Hynix gained 3.1 percent.
Blue-chip stocks ended mixed. Leading chemical firm LG Chem added 0.6 percent, and the top automaker Hyundai Motor climbed 1.2 percent. The biggest steelmaker POSCO declined 1.9 percent, and the No.1 auto parts maker Hyundai Mobis retreated 1.6 percent.
South Korea’s currency finished at 1,193.6 won against the greenback, down 2.3 won from the previous close.
