South Korea Stocks Jump 6.6% on Chip Rally
South Korea’s Kospi index jumped 6.63% on 28 October after SK hynix’s record results lifted chip stocks. What it means for US investors. The post South Korea Stocks Jump 6.6% on Chip Rally appeared first on The Rio Times .
South Korea's Kospi index jumped 6.6% on Wednesday following SK hynix's announcement of record third-quarter results and a significant shareholder return program. Chip stocks led the market rally. The Kospi closed at 6,012.44, its first finish above 6,000 in ten sessions. SK hynix's high-bandwidth memory, crucial for AI processors, contributed to the sector's gains.
Samsung Electronics and SK Square, a holding company of SK hynix, also saw gains. Foreign investors bought 815.8 billion won of shares, and institutions bought 960.8 billion won. Despite individual investors selling, the buying came from foreign and institutional money. The index had been below 6,000 for ten sessions before the rebound.
The won weakened on the day, so US investors' gains would be smaller than the gain in won. The next data to watch are Korea's trade figures and the S&P Global manufacturing PMI due in early November.
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