Lead

Seoul shares rebounded Thursday morning as investors went bargain hunting, scooping up large-cap stocks despite lingering concerns over artificial intelligence (AI) spending and uncertainty about the Federal Reserve's interest rate path, according to Yonhap News.

The benchmark Korea Composite Stock Price Index (KOSPI) traded 173.49 points, or 3.06 percent, higher at 5,836.73 as of 11:20 a.m., after opening 0.33 percent higher, Yonhap reported.

The rebound followed a sharp decline in the previous session, when the index plunged 5.98 percent to close at 5,663.24, itself following a 10.84 percent drop the session before, according to Yonhap.

Coverage Comparison

Reports from Yonhap News captured the market's movement across several sessions. On Thursday morning, the KOSPI rose 18.53 points, or 0.33 percent, to 5,681.77 at the opening bell, later expanding gains to trade at 5,836.73 as of 11:20 a.m., as reported by Yonhap.

The same source detailed that Wednesday's session saw the index open sharply higher, rising 65.45 points, or 1.09 percent, to 6,089.11 in early trading, and later gaining 134.24 points, or 2.23 percent, to 6,157.90 as of 9:15 a.m. That advance followed a nearly 11 percent dip the previous session, which had been driven by a sell-off in chipmaking stocks amid worries over AI infrastructure investment and rising competition from China.

On Monday, the market had opened higher, with the KOSPI further gaining 101.15 points, or 1.62 percent, to 6,359.92, as investors went bargain hunting after Wall Street's record-setting advance, Yonhap reported.

Key Claims

  • Seoul shares expanded gains late Thursday morning as investors scooped up large-cap stocks on bargain hunting, Yonhap reported.
  • The KOSPI traded 173.49 points, or 3.06 percent, higher at 5,836.73 as of 11:20 a.m., according to Yonhap.
  • On Thursday, the index opened higher, rising 18.53 points, or 0.33 percent, to 5,681.77, Yonhap reported.
  • Institutions bought a net 1.42 trillion won and foreigners a net 554 billion won worth of stocks, while individuals sold a net 1.97 trillion won, as reported by Yonhap.
  • Large-cap stocks were mixed, with Samsung Electronics surging 5.5 percent and Hyundai Motor climbing 1.27 percent, while SK hynix fell 1.28 percent, according to Yonhap.
  • The Federal Reserve left its benchmark interest rate unchanged at 3.5-3.75 percent, marking a fifth consecutive pause, and offered little new guidance, Yonhap reported.
  • Samsung Electronics posted a net profit of 71.62 trillion won in the April-June quarter, sharply up from 5.11 trillion won a year earlier, driven by strong demand for chips amid the AI boom, Yonhap reported.
  • SK hynix posted a record net profit of 93.92 trillion won for the April-June period, skyrocketing from 6.99 trillion won a year earlier, as reported by Yonhap.
The Korean won was trading at 1,436.85 won against the U.S. dollar as of 11:20 a.m., according to Yonhap.

Perspectives

Yonhap's coverage attributed the market's movements to investor sentiment driven by AI spending concerns. The same source reported that the Federal Reserve left rates unchanged and provided little new guidance, leaving investors with greater uncertainty. The reports also noted that a three-day slide in oil prices boosted risk sentiment despite lingering concerns over AI spending, according to Yonhap.