South Korea’s Kospi index jumps on a surge in chipmaking stocks
Foreign investors and short-covering fueled the rebound as Samsung Electronics and SK Hynix surged more than 20%, easing fears over AI spending.
- On Friday, South Korea's Kospi index jumped more than 13%, tracking Wall Street gains as artificial intelligence-related stocks bounced back after losses earlier in the week.
- Tuesday and Wednesday saw The Kospi plummet more than 16% amid a sell-off of technology stocks, driven by concerns over an artificial intelligence bubble and rising competition from China.
- Technology giant Samsung Electronics surged 19.3% while memory chipmaker SK Hynix soared 22.6%, demonstrating the strength of South Korea's tech sector recovery.
- Tokyo's Nikkei climbed 4.9% in early trading, while multinational investment holding company and OpenAI-investor SoftBank Group jumped 15.1% as regional markets followed the rally.
- Asian markets continue tracking Wall Street trends as investors navigate the week's significant volatility in technology sectors, signaling potential for further swings ahead.
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The South Korean Kospi index jumped almost 18% this Friday, following the gains on Wall Street, as artificial intelligence-related actions recovered ground after the losses at the beginning of the week. Future stock contracts in the United States advanced 0.5% and oil prices fell more than 1%. Exclusive subject matter for subscribers. To have full access, access the link of the subject and register.
Inside one of the wildest months in South Korea's stock market history
South Korea's chip-heavy Kospi index has emerged as a key barometer for the global AI trade.Matrix Images/Jung Ui-Chel/ReutersA record rally capped one of the most dramatic months in Kospi history.The AI boom unraveled as investors fled crowded chip trades.The fallout reached far beyond Seoul and into the Nasdaq.South Korea's stock market ended July with a historic rally, capping an extraordinary month of boom, bust, and whiplash.On Friday, the …
At the end of a dark week marked by spectacular declines, the Seoul Stock Exchange is experiencing a strong boost of optimism. ...
The return of optimism for the artificial intelligence and semiconductor industries has sparked massive stock buying.
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