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Seoul stocks ended higher for a second consecutive session on July 22, extending a rally in semiconductor shares ahead of earnings releases from U.S. big tech companies, Yonhap News reported. The benchmark Korea Composite Stock Price Index (KOSPI) closed up 49.75 points, or 0.74 percent, at 6,797.7, after rising as high as 7,166.00 during the session.

The index gave back some of its early advance as retail and institutional investors sold off tech heavyweights to lock in profits, Yonhap said. The two groups offloaded a combined net 2.61 trillion won (US$1.8 billion), while foreign investors bought a net 2.62 trillion won. The Korean won fell against the U.S. dollar, and bond prices closed lower. Trade volume was moderate at 368.7 million shares worth 28.1 trillion won, with winners outnumbering losers 467 to 398.

Yonhap quoted Lee Kyoung-min, an analyst from Daishin Securities, as saying the KOSPI “returned some of its earlier advance in the face of rising global oil prices, and as investors took a cautious stance ahead of the earnings release from Alphabet.” The wire service noted that Alphabet, Google’s parent company, was expected to release its second-quarter earnings results Wednesday, U.S. time, and cited persisting tensions in the Middle East and uncertainty over Washington’s global tariffs of 10 percent, scheduled to expire later that week, as factors behind investor caution.

Among heavyweights on July 22, Samsung Electronics inched up 0.58 percent to 260,500 won, while rival SK hynix dipped 0.33 percent to 1,830,000 won. Robotics-sector stocks gathered ground after Samsung announced plans to strengthen its robotics business: Hyundai Motor, which owns robotics company Boston Dynamics, advanced 4.76 percent to 418,000 won, and LG Electronics climbed 5.48 percent to 182,700 won.

The rally accelerated sharply the next session. Seoul stocks spiked more than 4 percent on July 23 following Alphabet’s second-quarter earnings release, with the KOSPI closing up 299.19 points, or 4.4 percent, at 7,096.89, back above the 7,000-point level. The won rose against the dollar, Yonhap reported.

“The KOSPI recovered to land at the 7,000-point level, helped by foreign investors who snapped up semiconductors,” Kim Joo-yun, an analyst at Mirae Asset Securities, told Yonhap.

Foreigners were net buyers for a fourth consecutive day, purchasing 2.1 trillion won, while institutional investors bought a net 97.5 billion won and retail investors offloaded a net 2.2 trillion won, according to Yonhap. Trade volume was moderate at 392.3 million shares worth 26.7 trillion won (US$18.2 billion), with winners ahead of losers 829 to 73.

Yonhap attributed the offshore buying spree to expectations that memory chip demand will continue, following better-than-expected results from Alphabet. The company’s cloud revenue jumped 82 percent on-year, and it said it would further expand capital expenditures on artificial intelligence. Middle East tensions persisted, sending Brent crude, the international oil benchmark, to US$96 per barrel, which Yonhap said added downward pressure on the local market.

On July 23, Samsung Electronics rose 3.65 percent to 270,000 won and SK hynix jumped 4.85 percent to 1,919,000 won. Defense shares also gathered ground on profit momentum ahead of their earnings release, with Hanwha Aerospace climbing 7.52 percent to 958,000 won and LIG Defense&Aerospace vaulting 10.34 percent to 736,000 won. Financial shares declined, with Shinhan Financial inching down 0.67 percent to 103,800 won and Hana Financial dipping 0.84 percent. Bond prices closed mixed.

Coverage comparison

Yonhap, the South Korean wire service, filed the July 22 market report in several successive versions that kept the same core framing — an extended chip rally ahead of U.S. big tech earnings — while adding detail on the won, investor flows, trade volume, market breadth, bond performance and individual stocks. That reporting carried a cautious tone, emphasizing profit-taking and the drag from rising oil prices, Middle East tensions, Washington’s expiring tariffs and the pending Alphabet results.

The July 23 report struck a more upbeat tone, framing the session as a foreign-driven surge tied directly to Alphabet’s better-than-expected earnings and the prospect of sustained memory chip demand. It highlighted the index’s return to the 7,000-point level and the breadth of the advance, with gainers outnumbering losers 829 to 73. The two days’ figures are consistent: the 299.19-point gain from the 6,797.7 close equals 7,096.89, or a 4.4 percent move.

Key claims

The principal facts, as reported by Yonhap News:

  • The KOSPI closed up 49.75 points, or 0.74 percent, at 6,797.7 on July 22 after touching 7,166.00 intraday, and advanced 299.19 points, or 4.4 percent, to 7,096.89 on July 23. (Yonhap)
  • On July 22, retail and institutional investors sold a combined net 2.61 trillion won while foreigners bought a net 2.62 trillion won; the won fell against the dollar and bond prices closed lower. (Yonhap)
  • On July 23, foreigners were net buyers for a fourth straight session with purchases of 2.1 trillion won, institutions bought a net 97.5 billion won, and retail investors sold a net 2.2 trillion won; the won rose and bond prices closed mixed. (Yonhap)
  • Samsung Electronics rose 0.58 percent to 260,500 won on July 22 and gained a further 3.65 percent to 270,000 won on July 23, while SK hynix fell 0.33 percent on July 22 and jumped 4.85 percent to 1,919,000 won on July 23. (Yonhap)
  • Robotics-sector shares rallied on July 22 after Samsung announced plans to strengthen its robotics business, with Hyundai Motor up 4.76 percent and LG Electronics up 5.48 percent. (Yonhap)
  • Defense shares advanced on July 23 ahead of earnings, with Hanwha Aerospace up 7.52 percent and LIG Defense&Aerospace up 10.34 percent, while financial shares declined. (Yonhap)