South Korean Stock Market Surges 8% at Close, Led by Chip Stock Rebound

Deep News06-09

The South Korean stock market staged a significant rebound, led by shares of memory chip manufacturers, indicating investors have not entirely abandoned the AI theme.

The Kospi index closed sharply higher by 8.2%, following a three-day losing streak that had seen the benchmark fall 15% from its recent record high. Samsung Electronics Co Ltd shares surged 9%, while SK Hynix Inc soared by 16%.

This recovery suggests bargain-hunting is re-emerging after the AI-driven rally lost momentum due to concerns over overvaluation and rising interest rates. Earlier, the powerful AI-fueled advance had propelled the Kospi to gain over 100% year-to-date before a sharp sell-off on Monday triggered a market circuit breaker, briefly halting trading.

An Hyungjin, CEO of Billionfold Asset Management in Seoul, noted that Samsung and SK Hynix operate in one of the world's most closely watched sectors, and their valuations remain highly attractive. That fundamental point has not changed, he stated, adding that many investors were waiting for a price pullback to enter the market.

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