Seoul: Seoul stocks spiked by more than 4 percent on a tech rally following Alphabet's second-quarter earnings release. The Korean won rose against the U.S. dollar.

According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) closed up 299.19 points, or 4.4 percent, to 7,096.89. "The KOSPI recovered to land at the 7,000-point level, helped by foreign investors who snapped up semiconductors," said Kim Joo-yun, an analyst at Mirae Asset Securities.

Foreigners were net buyers for the fourth consecutive day, driven by anticipation that memory chip demand will continue, following better-than-expected earnings results from Alphabet, Google's parent company.