Seoul shares extended gains on Thursday as a rally in technology shares including Samsung Electronics helped the market absorb the impact of an unexpected interest rate increase that hit local brokerages. The benchmark KOSPI dipped briefly after the Bank of Korea unexpectedly raised its overnight call rate target for the second straight month.
But recovered on the back of foreign buying in technology titles. The Korea Composite Stock Price (KOSPI) ended up 0.28 percent at 1,908.68 points, after rising as much as 1.33 percent in the morning. Foreign investors turned net buyers, ending their 18-session selling spree. South Korean technology leaders advanced, following gains on Wall Street that were led by a better outlook for Cisco Systems Inc and US chip makers' strength.
Chip maker shares also received a boost from increases in NAND flash prices amid growing demand for the chips, used mostly in portable electronics gadgets, and last week's power outage at top maker Samsung Electronics Co Ltd Samsung jumped 3.16 percent to end at 621,000 won while No 3 NAND maker Hynix Semiconductor Inc climbed 2.79 percent to 38,700 won.
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