TradingKey - Japanese and South Korean stocks rebounded from early morning lows, with Kioxia surging over 2%, while Samsung and SK Hynix jumped over 1.5% to lift the market.
In Asian trading on September 3, stock markets in both Japan and South Korea experienced oversold rebounds in early trade, opening higher before paring gains. Specifically, South Korea's KOSPI index opened 1.4% higher and currently narrowed its gain to 0.72%, standing at 6,610.17 points. Meanwhile, core tech chip stocks opened higher and continued to gain, with Samsung Electronics up 1.6% at 254,500 KRW and SK Hynix up 1.86% at 1,643,000 KRW.
KOSPI Index Chart, Source: TradingView
The Nikkei 225 index opened 0.62% higher, with gains currently narrowing to 0.13% at 64,410.05 points. Two major heavyweights recorded notable gains: Kioxia surged 2.16%, reclaiming the 50,000 mark to stand at 52,100 JPY, while SoftBank rose 1.22%, approaching the 5,000 level to stand at 4,984 JPY.
Hit on the previous day by sudden U.S.-Iran geopolitical tensions and a crash in tech stocks, Japanese and South Korean markets experienced extreme panic selling; the morning rally was mainly driven by a recovery from short-term oversold sentiment. Although these two major Asian stock markets opened higher in early trade, market sentiment remains broadly cautious, with investors closely watching the upcoming U.S. non-farm payrolls (NFP) report and the latest geopolitical developments to guard against a secondary market retest.
Find out more
Comments