KOSPI rallies 2% to 1-month high, led by chips
South Korea’s benchmark KOSPI climbed more than 2% to around 7,150, extending gains to a one-month high as Samsung Electronics rose nearly 3% and SK hynix jumped more than 7%.
The benchmark KOSPI climbed more than 2% to around 7,150 on Tuesday, extending gains to its highest level in a month, led by strong advances in major chipmakers.
Samsung Electronics rose nearly 3%, while SK hynix jumped more than 7%, as continued strength in the global semiconductor sector and optimism over AI-related demand supported technology stocks.
Notable gains were also recorded in SK Square (7.4%), Samsung C&T Corp. (3.3%), LG Electronics (1.6%), SK Inc (4.8%), and LS Electric Co. (5.1%).
Meanwhile, global risk appetite was limited, as the expiration of a 60-day US-Iran agreement without an extension heightened concerns over renewed conflict and disruptions to oil supplies through the Strait of Hormuz, pushing oil prices higher and lifting Treasury yields.
At the same time, investors continued to monitor South Korea’s trade negotiations with the US, with Seoul seeking to resolve outstanding issues surrounding its planned US$200 billion investment commitment.