KOSPI closes higher as semiconductors rebound
South Korea’s benchmark KOSPI rose 0.46% to close at 6,820, reversing part of prior-session losses. Samsung Electronics gained 1.17% and SK hynix added 1.27%, with broad large-cap strength supported by upbeat semiconductor export-growth expectations.
The benchmark KOSPI rose 0.46% to close at 6,820 on Monday, reversing part of the previous session's losses as Samsung Electronics and SK hynix rebounded, alongside gains across other large-cap stocks.
Samsung Electronics increased 1.17% and SK hynix advanced 1.27%, while SK Square (0.88%), Hyundai Motor (1.00%), LG Energy Solution (2.16%), KB Financial Group (0.99%), and Kia Corporation (2.34%) also posted gains.
The market also remained supported by expectations for another month of strong semiconductor-led export growth, with August shipments forecast to rise more than 60% year-on-year.
The KOSPI was on course for a gain of over 3% for the month of August.
Meanwhile, renewed concerns over US interest rates following hawkish comments from Federal Reserve Chair Kevin Warsh kept investors cautious.
At the same time, escalating Middle East tensions following renewed US strikes near the Strait of Hormuz added to risk concerns.