Lead

Seoul stocks opened higher on Friday, with investors snapping up bargain-priced semiconductor shares after the previous session's sharp sell-off. By late morning, the benchmark Korea Composite Stock Price Index (KOSPI) had extended its gains, rising 163.52 points, or 2.11 percent, to 7,809.61 as of 11:20 a.m., according to Yonhap News. Earlier, the index had opened 1.2 percent higher, as reported in separate Yonhap dispatches. The rebound came despite overnight weakness in U.S. technology stocks, as reported by the same outlet.

The previous session saw the KOSPI plunge 7.89 percent, dragged down by a heavy sell-off in Samsung Electronics and SK hynix. Investors returned to semiconductor shares on Friday, aided by reports that AI startup Anthropic is in talks with Samsung Electronics to develop a custom AI chip, as reported by Yonhap.

Coverage Comparison

Three separate Yonhap News reports, filed at different times on Friday, show the index's trajectory through the morning. The earliest dispatch, at the opening bell, put the KOSPI at 7,739.75, up 91.66 points or 1.2 percent. A later update, at 9:15 a.m., had the index trimming some gains to rise 53.44 points, or 0.7 percent, to 7,701.53. By 11:20 a.m., the index had rallied further, gaining 163.52 points, or 2.11 percent, to 7,809.61. The reports consistently attribute the upswing to bargain hunting in semiconductor shares following the prior session's decline.

All three reports note the same overnight developments in U.S. markets: 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, while 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, as reported by Yonhap.

The reports also uniformly carry the news that AI startup Anthropic is in talks with Samsung Electronics to develop a custom AI chip, with one report noting investors were watching the talks and another saying they had bought semiconductor shares following the reports.

Key Claims

  • The KOSPI opened 1.2 percent higher on Friday before fluctuating, with late morning gains reaching 2.11 percent, as reported by Yonhap.
  • The previous session saw the index plunge 7.89 percent, dragged by heavy sell-offs in Samsung Electronics and SK hynix, according to Yonhap.
  • U.S. markets were mixed overnight: the Dow rose more than 1 percent to a record high on eased rate-hike concerns, while the Nasdaq fell 0.8 percent on semiconductor weakness, as reported by Yonhap.
  • The Philadelphia Semiconductor Index tumbled 5.4 percent, extending its decline, as reported by Yonhap.
  • Reports that AI startup Anthropic is in talks with Samsung Electronics to develop a custom AI chip were cited as a factor in semiconductor buying, as reported by Yonhap.
  • By late morning, Samsung Electronics had advanced 6.12 percent and SK hynix had increased 3.02 percent, with AI investment firm SK Square slipping 0.79 percent and LG Energy Solution edging up 0.28 percent, as reported in one dispatch.
  • An earlier dispatch noted Samsung Electronics rose 3.67 percent and SK hynix gained 1.37 percent, while SK Square declined 2.23 percent and Hyundai Motor backtracked 2.39 percent, also as reported by Yonhap.
  • The Korean won was trading at 1,539.15 won per U.S. dollar as of 11:20 a.m., up 16.65 won from the previous session, according to one report, while another put it at 1,546.3 won, up 9.5 won, at 9:15 a.m.