South Korean Shares Rebound After 7-Day Decline
The benchmark KOSPI rose more than 3% to around 5,730 on Friday, recovering part of a seven-day slide near an eleven-week low, as bargain hunting and a rebound in global equities lifted shares. Samsung Electronics and SK hynix climbed more than 2% and nearly 3%, respectively, while other notable gainers included SK Square (3.0%), Hyundai Motor (5.3%), Hanwha Aerospace (9.0%), Kia Corporation (4.9%), KB Financial Group (2.9%), and Doosan Enerbility (2.7%). Meanwhile, persistent concerns over AI valuations, Chinese competition in memory chips, and the sustainability of AI spending continued to weigh on the semiconductor sector, limiting the broader recovery. Additionally, hotter-than-expected US producer inflation reinforced concerns over tighter monetary conditions, while elevated oil prices amid escalating Middle East attacks and risks to regional energy supplies added to inflation concerns.
The benchmark KOSPI rose more than 3% to around 5,730 on Friday, recovering part of a seven-day slide near an eleven-week low, as bargain hunting and a rebound in global equities lifted shares. Samsung Electronics and SK hynix climbed more than 2% and nearly 3%, respectively, while other notable gainers included SK Square (3.0%), Hyundai Motor (5.3%), Hanwha Aerospace (9.0%), Kia Corporation (4.9%), KB Financial Group (2.9%), and Doosan Enerbility (2.7%). Meanwhile, persistent concerns over AI valuations, Chinese competition in memory chips, and the sustainability of AI spending continued to weigh on the semiconductor sector, limiting the broader recovery.
Additionally, hotter-than-expected US producer inflation reinforced concerns over tighter monetary conditions, while elevated oil prices amid escalating Middle East attacks and risks to regional energy supplies added to inflation concerns.