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Korean Stocks Rise 22% in 10 Days as Chip Rally Regains Steam
Samsung Electronics and SK Hynix led a 23% rebound from the July 30 low as memory-chip strength revived South Korean equities, LSEG data showed.
- On Thursday, the Kospi jumped over 4%, entering a technical bull market with a rebound of roughly 23% from its July 30 low, data from LSEG showed.
- A global revival in the AI trade is fueling a sharp recovery after last month's historic sell-off, with memory shares beginning to outperform the broader Technology sector for the first time since June.
- Index heavyweights Samsung Electronics and Hynix led the gains, rising over 4% and 7% respectively, reflecting their outsized influence on the South Korean equity market.
- Mark Newton, head of technical strategy at Fundstrat Global Advisors, said the MSCI South Korea ETF has broken above a key technical level, improving the near-term outlook for Korean equities.
- Newton described the Memory group as one of the last major corners of Technology to turn higher, calling it "a good sign in the short run for Memory within Technology.
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The KOSPI index has entered a technical bull market, rebounding more than 20% from its low point. The main factors are the rise in semiconductor stocks, the recovery of investment demand for artificial intelligence, and the stabilization of supply and demand in the stock market. While experts interpret this as a positive short-term signal, they are also warning of the possibility of a slowdown in the future upward trend due to fluctuations in U.…
The Economic Times+3 Reposted by 3 other sources
Korean stocks rise 22% in 10 days as chip rally regains steam
The benchmark Kospi gained as much as 4.8% on Thursday, extending its gain from a July 30 low to around 22%. Heavyweight memory chipmakers Samsung Electronics Co. and SK Hynix Inc. drove the advance, each jumping more than 5%.
·Mumbai, India
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Leaning Left2Leaning Right4Center4Last UpdatedBias Distribution40% Center, 40% Right
Bias Distribution
- 40% of the sources are Center, 40% of the sources lean Right
40% Right
L 20%
C 40%
R 40%
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