South Korea’s KOSPI Eyes Best Week Since June as Chip Stocks Lead Rebound

TLDR

• KOSPI closed at 6,977.94 on Friday, up 2.42% on the day, briefly crossing the 7,000 mark for the first time in three weeks
• Samsung Electronics surged more than 18% for the week; SK Hynix rose around 12% weekly
• The index has rebounded nearly 25% from its July 30 low, entering a technical bull market
• Foreign investors bought a net 3.03 trillion won ($2.13 billion) worth of shares on Friday
• U.S. Producer Price Index came in at 4.7% year-on-year in July, below the 4.9% forecast

South Korea’s main stock index closed out its best week since early June on Friday, driven by a strong recovery in semiconductor stocks and easing U.S. inflation data.

The KOSPI closed at 6,977.94, gaining 2.42% on the day. During the session it briefly crossed the 7,000 level for the first time in three weeks before slipping back as investors took profits after five straight days of gains.

The index ended a seven-week losing streak and has now risen nearly 25% from its July 30 low, placing it in a technical bull market.

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