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Seoul stocks spike over 2% to snap 6-day slump

South Korean stocks rebounded more than 2 percent Wednesday, after plunging to the year's lowest point in the previous session. The Korean won rose against the US dollar.

The benchmark Korea Composite Stock Price Index (Kospi) advanced 60.71 points, or 2.14 percent, to close at 2,899.72 points, ending its six-day slide.

Trading volume was moderate at about 553 million shares worth some 12.1 trillion won ($10.3 billion), with gainers outnumbering losers 773 to 122.

Foreigners bought a net 907 billion won and institutions purchased 91 billion won, while retail investors sold 995 billion won.

Overnight the Dow Jones Industrial Average retreated 1.86 percent, and the tech-heavy Nasdaq composite declined 1.55 percent amid growing concerns about the omicron coronavirus variant and accelerating inflation in the world's largest economy.

"The stock markets have come under high volatility from the (virus-related) issues," said HI Investment & Securities analyst Lee Woong-chan.

Market heavyweights, such as chipmakers, led the overall market gain.

In Seoul, market bellwether Samsung Electronics jumped 4.35 percent to 74,400 won, and No. 2 chipmaker SK hynix gained 2.19 percent to 116,500 won.

Pharmaceutical giant Samsung Biologics increased 0.22 percent to 891,000 won, and electric car battery maker LG Chem moved up 3.46 percent to 718,000 won. Hyundai Motor, the country's largest carmaker, climbed 2.81 percent to 201,000 won.

The local currency closed at 1,179.2 won against the US dollar, up 8.7 won from the previous session's close. (Yonhap)

Korea Herald daum