South Korea’s Kospi index jumps more than 15% on a surge of chipmaking stocks
Summary
South Korea’s Kospi stock index rose sharply by more than 16% after a recent drop, helped by strong gains in chipmaking companies like Samsung Electronics and SK Hynix. This rise followed global trends, including gains on Wall Street and in Tokyo’s stock market.Key Facts
- The Kospi index increased 16.8% to 6,531.71 after falling sharply earlier in the week.
- Samsung Electronics shares went up 22.5%, and SK Hynix shares jumped 27.7%.
- The recent stock volatility was partly due to concerns about an artificial intelligence (AI) bubble and competition from Chinese chipmakers.
- Tokyo’s Nikkei 225 index rose 5.2% to 65,072.42.
- SoftBank Group, an investor in the AI company OpenAI, gained 15.1%.
- Tokyo Electron, a chip equipment maker, increased 10.1%.
- Oil prices fell, with Brent crude down 1.1% to $85.92 per barrel.
- On Thursday, U.S. stock indexes also rose: S&P 500 by 1.7%, Dow Jones by 1.2%, and Nasdaq by 2.8%.
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