South Korean Shares End Nearly 2% Higher on Record Chip Exports
Chipmakers led gains after exports jumped 83.5% to a record $120.9 billion, beating forecasts and signaling strong AI-driven demand.
- The KOSPI index rose nearly 2 per cent on Thursday, snapping three consecutive sessions of decline as the benchmark closed 133.31 points higher at 6,971.35 after recovering from early losses.
- South Korean exports jumped 83.5 per cent in September to a record $120.9 billion, beating median expectations of 62.0 per cent growth as semiconductor shipments more than tripled on global AI spending.
- Samsung Electronics shares rose 2.79 per cent and Hynix gained 3.21 per cent, leading the index higher; meanwhile, US chipmaker Micron Technology reported $32 billion in supply commitments signaling unabated AI chip demand.
- Foreigners were net sellers of shares worth 547.3 billion won, while South Korea's finance minister stated authorities would closely monitor financial markets and take pre-emptive action if needed.
- Mirae Asset Securities analyst Seo Sang-young cautioned that investors must determine whether growth rates will continue improving amid persistent pressure from elevated Treasury yields on markets.
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13 Articles
The Asian country is home to the technological giant Samsung Electronics, one of the leading manufacturers of memory microchips, as well as SK hynix, both key suppliers of the flourishing global AI industry. Shipping abroad reached a record high of 120.940 million dollars in September, almost double the 65,950 million registered a year earlier, according to official figures. Chip exports reached the record 60.3 billion dollars, representing an i…
South Korea's exports reached a historic record in September thanks to the ongoing demand for AI worldwide. Exports of goods rose to 120.9 billion US dollars (106.47 billion euros), a growth of 83.5 percent compared to the same period last year.
Channel News Asia
South Korean shares end nearly 2% higher on record chip exports
SEOUL, Oct 1 : Round-up of South Korean financial markets:** South Korean shares recouped early losses to end nearly 2 per cent higher on Thursday, led by gains in chipmakers after domestic trade data smashed forecasts to hit a fresh record. ** The benchmark KOSPI closed 133.31 points, or 1.95 per cent
The KOSPI, which opened lower on the 1st, recovered all of its early losses and widened its gains to climb to the 6,880 level. Strong earnings from Micron Technology overnight and a new record for domestic semiconductor exports appear to be belatedly boosting investor sentiment. The KOSDAQ is aiming to re-enter the 880 mark, continuing its strength centered on the semiconductor materials, components, and equipment (Sobujang) sector. The KOSPI in…
(Seoul = Yonhap News) Reporter Kim Yu-ah = The KOSPI, which started lower on the 1st, is fluctuating in a flat range after recovering some of its losses.
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