(LEAD) Seoul stocks rebound over 2 pct on eased chip rout, Fed bets
SEOUL, Oct. 16 (Yonhap) -- Seoul stocks rebounded by more than 2 percent Friday ...
Seoul stocks surged over 2 percent on Friday, ending a seven-day losing streak, as foreign investors snapped up stocks and expectations grew for Federal Reserve rate hikes. The Korea Composite Stock Price Index (KOSPI) finished the day 2.05 percent higher at 5,668.05 points.
Chipmakers suffered the most significant losses, with their shares falling more than 10 percent the previous day, prompting bargain hunters to target large-cap tech shares.
Fed Chair Kevin Warsh expressed optimism about the U.S. economy, boosting investor confidence in riskier assets. His comments about artificial intelligence (AI) being a "probably the most consequential change to the U.S. and the global economy in my lifetime" also lifted sentiment.
Nvidia chief Jensen Huang's remarks about CoreWeave's improving financial health added to the positive outlook. CoreWeave's shares dropped over 15 percent on Thursday due to rising bond yields, but investors seemed more confident after the CEO's reassurance.
Market leaders such as Samsung Electronics, SK hynix, Hyundai Motor, Hanwha Aerospace, and Celltrion all closed higher. The Korean won strengthened against the U.S. dollar, trading at 1,331.4 won per dollar.
Written by urgent.news from Yonhap News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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