Seoul: Seoul stocks snapped their four-day losing streak to close sharply higher Wednesday, as investors went bargain hunting for major tech shares and semiconductors. The Korean won fell against the U.S. dollar. After opening slightly lower, the benchmark Korea Composite Stock Price Index (KOSPI) closed up 90.71 points, or 1.37 percent, to 6,717.97.
According to Yonhap News Agency, "Investors seemed to have assessed the recent decline in the KOSPI was too much ... bargain hunting was focused on the two semiconductor giants as the semiconductor uptrend story still remains intact," Lee Kyoung-min, an analyst at Daishin Securities, said. Investors are now keeping an eye on the policy meeting results from the U.S. Federal Reserve, which is likely to carry out a rate-hike decision, the analyst added.