- Seoul shares opened sharply higher Wednesday as investors went bargain hunting following a nearly 11 percent dip the previous session on a loss in chipmaking stocks.
- The benchmark Korea Composite Stock Price Index (KOSPI) rose 65.45 points, or 1.09 percent, to 6,089.11 in early trading.
- As of 9:15 a.m., the KOSPI rose 134.24 points, or 2.23 percent, to 6,157.90.
- On Tuesday, the KOSPI plunged 10.84 percent to close at 6,023.66 amid concerns over the future of large-scale investment in AI infrastructure and rising competition from China.
- Market bellwether Samsung Electronics jumped 5.23 percent, while its rival SK hynix climbed 3.55 percent.
Seoul's KOSPI index rebounded sharply on Wednesday, rising 134.24 points, or 2.23 percent, to 6,157.90 after a significant drop of nearly 11 percent the previous session.
This recovery was fueled by bargain hunting among investors following a sell-off in chipmaking stocks, which had closed at 6,023.66 due to concerns over the future of AI investments and competition from China.
Market bellwether Samsung Electronics surged 5.23 percent, while rival SK hynix climbed 3.55 percent.5
SK hynix reported a record net profit of 93.92 trillion won (US$64.6 billion) for the April-June period, a dramatic increase from 6.99 trillion won a year earlier.
Its operating profit also skyrocketed over sixfold to 60.54 trillion won from 9.21 trillion won, driven by robust demand for high bandwidth memory chips.
The rebound in the KOSPI index comes amid a three-day slide in oil prices, which has boosted risk sentiment despite ongoing concerns regarding AI spending.
Investors are cautiously optimistic as they navigate the volatile market landscape shaped by technological advancements and competitive pressures.
“The KOSPI's rebound follows a significant 10.84 percent drop amid concerns over AI investment and competition from China. Market bellwether Samsung Electronics surged 5.23 percent, while SK hynix reported a record net profit of 93.92 trillion won ($64.6 billion) for the April-June period.”
