South Korean Stocks Surge Over 2% Amid Chipmaker Rally
South Korean stocks experienced a significant upswing, surging over 2% on Thursday, driven by the performance of chipmakers. This rally followed Nvidia’s optimistic earnings forecast, which eased concerns regarding a potential bubble in artificial intelligence stocks.
KOSPI Performance
The benchmark KOSPI index rose by 92.81 points or 2.36%, reaching a total of 4,022.32. This increase marked a positive turn following two consecutive days of declines. Nvidia’s CEO, Jensen Huang, reassured investors on Wednesday by expressing confidence in the company’s growth, particularly after previously subdued sales periods.
Key Stock Movements
- Samsung Electronics saw a rise of 3.63%.
- SK Hynix grew by 3.74%.
- LG Energy Solution increased by 2.00%.
- Hyundai Motor inched up 0.38%, while Kia Corp gained 0.52%.
- POSCO Holdings, the steelmaker, added 2.87%.
Market Trends
Out of 922 shares traded, 757 advanced while 133 saw declines. Foreign investors were active, acquiring shares worth 271.5 billion won. The South Korean won also strengthened against the US dollar, trading at 1,467.1 won per dollar, a 0.10% increase compared to the previous closing rate of 1,468.5 won.
Bond Market Overview
In the money and debt markets, December futures for three-year treasury bonds fell by 0.03 points, landing at 105.88. The yield on the highly liquid three-year Korean treasury bond rose slightly by 1.0 basis point, reaching 2.885%. Meanwhile, the benchmark 10-year bond yield remained unchanged at 3.285%.
Overall, the surge in South Korean stocks, particularly in the chip sector, reflects a broader market recovery buoyed by positive signals from global tech leaders.
