KOSPI Snaps Back 15% as Asiaโs AI Chip Rally Returns
South Korea's KOSPI index surged by double digits on Friday morning. The rebound follows back-to-back circuit breakers on Tuesday and Wednesday, as well as sharp monthly losses.
Stronger-than-expected cloud results from Microsoft and Amazon revived confidence in AI spending, sparking a chip rally across Seoul and Tokyo.
KOSPI Rebound Triggers Buy-Side Sidecar in Seoul
According to Google Finance, KOSPI stood at 6,440.14, up 15.13% at press time. The index gained 846.58 points from Thursday's close of 5,593.56 by 10:30 a.m. local time.
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A buy-side sidecar was triggered at 9:06 a.m., suspending program trading for five minutes. The KOSDAQ saw a similar curb after touching an intraday high of 693.81. At press time, it was up by 8.91%.
The rally was carried by index heavyweights. SK Hynix jumped 27.69% to 1,688,000 won, while Samsung Electronics climbed 21.74% to 252,000 won.
The bounce comes after days of turmoil. Circuit breakers halted both markets on July 28 and 29, forcing an emergency government meeting after 864.5 trillion won evaporated in two sessions.
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