US Markets
Home›US Markets›Indices›South Korea Kospi rebounds nearly 18% after AI chip se…
South Korea Kospi rebounds nearly 18% after AI chip sell-off
Chipmakers SK Hynix and Samsung led the rebound after US megacap tech results helped revive AI investment optimism.
Share prices in South Korea jumped on Friday, partially reversing a three day rout that had erased hundreds of billions of dollars from the country’s stock market value, according to BBC Business.
The benchmark Kospi index closed almost 18% higher, with gains driven by chip makers SK Hynix and Samsung Electronics, after earnings updates from US technology giants Amazon and Microsoft boosted optimism around the large amounts of money being invested in artificial intelligence.
SK Hynix rose nearly 30% and Samsung gained 28%, following a sharp drop earlier in the week as investors grew concerned about AI spending by major technology firms.
BBC Business also noted that South Korean regulators announced measures aimed at curbing the sell off, and that the Kospi, which is tech heavy, has been halted multiple times this year under a circuit breaker mechanism designed to calm panic selling.
Latest closeKospi 5,593.56 ▼1.2%