South Korean shares hit over 29-month high, Samsung Electronics shines

** The benchmark closed up 30.93 points, or 1.11%, at 2,824.94, its highest level since Jan. 21, 2022.

** Samsung Electronics rose 3.42%, a day ahead of its preliminary earnings announcement for the second quarter. The is expected to post a 13-fold increase in profit on rising demand for artificial intelligence technology.

** , which supplies to , fell 2.54%, despite the U.S. chipmaker's 4.6% jump overnight.

** There was a local media report that Samsung's high-end chips passed Nvidia's test for use, but Samsung said the report was inaccurate.

** "If Samsung gets to supply high bandwidth memory chips to Nvidia, that will bring down SK Hynix from its status of exclusive supplier," said Park Kwang-nam, an analyst at Mirae Asset Securities.

** Among sub-indexes, the finance-major index gained 1.80%, the securities-minor index climbed 3.21% and the insurance index jumped 2.21%, while the transport equipment index rose 1.20%.

** Auto and financial stocks have been cited as those which have the potential to pay more dividends to shareholders, which the government seeks to boost with tax exemptions.

** South Korea should try to address the country's high cost of living through structural reforms instead of relying on the central bank to fight it, a official said.

** Foreigners were net buyers of shares worth 321.6 billion won ($232.90 million).

** The won was quoted at 1,380.4 per dollar on the onshore settlement platform, 0.39% higher than its previous close at 1,385.8.

** The most liquid three-year Korean treasury bond yield fell by 3.8 basis points to 3.125%, while the benchmark 10-year yield fell by 4.9 bps to 3.230%. ($1 = 1,380.8500 won)