Korean stocks stage broad rebound after U.S. tech rally

Résumé détaillé

South Korean stocks rallied sharply Tuesday, recovering from three consecutive sessions of steep losses, as semiconductor heavyweights led a broad rebound following a sell-off…

South Korean stocks rallied sharply Tuesday, recovering from three consecutive sessions of steep losses, as semiconductor heavyweights led a broad rebound following a sell-off triggered by concerns over potential U.S. restrictions on data center construction.

The benchmark Kospi jumped 5.17 percent to 5,278.40 as of 9:26 a.m., after opening 4.55 percent higher at 5,247.22. It briefly climbed as much as 5.62 percent to 5,300.92, crossing the 5,300 mark.

The sharp gains triggered buy-sidecar measures on both the main Kospi and secondary Kosdaq markets, temporarily suspending program buy orders.

Foreign investors, who had been net sellers on the main bourse for seven consecutive sessions through Monday, turned net buyers, purchasing a net 85.7 billion won ($63.7 million) worth of shares. Institutions also bought a net 230 billion won, while retail investors continued selling, offloading a net 372.6 billion won.

Overnight, all three major U.S. stock indexes advanced as bargain hunting lifted technology shares. The Dow Jones Industrial Average rose 2.15 percent, while the S&P 500 and Nasdaq Composite gained 2.35 percent and 2.74 percent, respectively.

Among individual stocks, Advanced Micro Devices Inc. (AMD) surged 13.26 percent, Broadcom Inc. jumped 8.78 percent and Marvell Technology Inc. climbed 9.49 percent.

Micron Technology Inc. and SK hynix’s American depositary receipts (ADRs) also advanced 6.25 percent and 5.53 percent, respectively.

The Philadelphia Semiconductor Index soared 6.86 percent after plunging more than 12 percent on Thursday alone.

CoreWeave Inc., widely regarded as a bellwether for artificial intelligence (AI) infrastructure investment, rose 5.56 percent ahead of its third-quarter earnings announcement scheduled for Tuesday, local time.

Début de l'article, extrait de Pulse (Maeil Business). Pour lire la suite, ouvrez l'article chez le média.