(2nd LD) Seoul stocks jump nearly 6 pct as bargain buying lifts chipmakers

Lead

South Korean stocks rebounded sharply on Friday, climbing nearly 6 percent as investors scooped up bargain-priced semiconductor shares following the previous session's steep decline. The benchmark Korea Composite Stock Price Index (KOSPI) gained 440.25 points, or 5.76 percent, to close at 8,088.34, according to Yonhap News Agency. The index had risen as high as 8,211.54 during the session.

The rebound came a day after the KOSPI plunged 7.89 percent, dragged down by a sharp sell-off in Samsung Electronics and SK hynix. The Korean won also strengthened against the U.S. dollar.

Coverage Comparison

All reports from Yonhap News Agency carried the same core figures: the KOSPI's closing gain of 440.25 points (5.76 percent), the won's appreciation, and the context of the previous day's slide. One version of the report added details on trade volume and investor activity, noting that 462.48 million shares worth 45.23 trillion won (US$29.63 billion) changed hands, with winners outnumbering decliners 587 to 296. That same version also specified that institutions bought a net 4.46 trillion won, while foreigners and individuals sold a net 2.2 trillion won and 2.3 trillion won, respectively. A later update included bond market performance, stating that bond prices, which move inversely to yields, closed mixed.

The reports attributed the rebound to multiple factors. Overnight, the Dow Jones Industrial Average rose more than 1 percent to a record high, as weaker-than-expected June jobs data eased concerns over a near-term interest rate hike. The tech-heavy Nasdaq fell 0.8 percent, weighed down by another sharp sell-off in semiconductor stocks. The Philadelphia Semiconductor Index tumbled 5.4 percent, extending its decline for a second consecutive session.

Investors bought semiconductor shares following reports that AI startup Anthropic is in talks with Samsung Electronics to develop a custom AI chip, according to Yonhap.

Key Claims

• The KOSPI gained 440.25 points, or 5.76 percent, to close at 8,088.34, after rising as high as 8,211.54.
• The Korean won strengthened against the U.S. dollar.
• The index had plunged 7.89 percent on Thursday, dragged down by a sharp sell-off in Samsung Electronics and SK hynix.
• The Korea Exchange (KRX) activated a buy-side sidecar at around 1:50 p.m., halting program trading in KOSPI-listed shares for five minutes. A buy-side sidecar is triggered when the KOSPI 200 Futures Index rises 5 percent or more and remains at that level for at least one minute.
• The Dow Jones Industrial Average rose more than 1 percent to a record high, while the Nasdaq fell 0.8 percent and the Philadelphia Semiconductor Index tumbled 5.4 percent.
• Investors bought semiconductor shares following reports that AI startup Anthropic is in talks with Samsung Electronics to develop a custom AI chip.
• Trade volume was moderate at 462.48 million shares worth 45.23 trillion won (US$29.63 billion), with winners outnumbering decliners 587 to 296.
• Institutions bought a net 4.46 trillion won, while foreigners and individuals sold a net 2.2 trillion won and 2.3 trillion won, respectively.
• Bond prices, which move inversely to yields, closed mixed.