Seoul stocks surge as Alphabet results fuel tech buying
Seoul stocks rose sharply on July 23, with the benchmark Korea Composite Stock Price Index closing more than 4 percent higher after Alphabet reported second-quarter results that exceeded market expectations. According to Yonhap News, the advance was driven by a tech rally and sustained foreign buying of semiconductor shares.
The KOSPI finished the session up 299.19 points, or 4.4 percent, at 7,096.89. Earlier in the morning the index had already been trading firmly higher as investors digested the overnight earnings release from Google's parent company. Yonhap reported that Alphabet's cloud business grew 82 percent on-year and that the company said it would further expand capital expenditures on artificial intelligence.
Coverage comparison
Yonhap News provided successive updates through the day, beginning with late-morning figures and culminating in the full-session close. One morning dispatch on July 23 placed the KOSPI up 164.22 points, or 2.42 percent, at 6,961.92 as of 11:20 a.m., after it had touched an intraday high of 7,083.15. A separate morning report from the previous day, July 22, had shown the index advancing 373.89 points, or 5.54 percent, to 7,121.84 at the same clock time, extending gains on bargain hunting and foreign purchases of tech heavyweights.
Across the July 23 dispatches, Yonhap consistently linked the move to Alphabet's results and to foreign demand for memory-chip stocks. Later updates added market-breadth and flow data, noting moderate trade volume of 392.3 million shares worth 26.7 trillion won (US$18.2 billion) and a decisive winners-to-losers ratio of 829 to 73. Foreign investors were described as net buyers for a fourth consecutive day, purchasing a net 2.1 trillion won, while institutions bought a net 97.5 billion won and retail investors sold a net 2.2 trillion won.
Key claims
- The KOSPI closed up 299.19 points, or 4.4 percent, at 7,096.89 on July 23, as reported by Yonhap News.
- Alphabet's second-quarter results beat expectations, with cloud revenue rising 82 percent on-year and plans announced to expand AI-related capital spending (Yonhap News).
- Foreign investors were net buyers of Korean shares for a fourth straight day, focusing on semiconductors; they purchased a net 2.1 trillion won on July 23 (Yonhap News).
- Trade volume reached 392.3 million shares worth 26.7 trillion won, with winners outnumbering losers 829 to 73 (Yonhap News).
- Samsung Electronics rose 3.65 percent to 270,000 won and SK hynix jumped 4.85 percent to 1,919,000 won at the close (Yonhap News).
- Brent crude reached US$96 a barrel amid continuing Middle East tensions, a factor Yonhap said added downward pressure even as equities advanced.
- The Korean won strengthened against the U.S. dollar; one morning quote on July 23 placed it at 1,467.2 won, up 10.3 won from the prior session.
- Overnight, major U.S. indexes closed lower, with the S&P 500 down 0.14 percent and the Nasdaq off 0.57 percent (Yonhap News).
- On the previous morning, July 22, the KOSPI had been up 5.54 percent at 7,121.84 as of 11:20 a.m., with Samsung Electronics and SK hynix advancing 5.6 percent and 7.84 percent respectively in early trade (Yonhap News).
Earlier commentary carried by Yonhap on July 22 noted that upcoming earnings from major technology companies, including their capital-expenditure guidance, would offer further clues on whether heavy spending on AI infrastructure can generate sustainable revenues. The July 23 session provided an initial positive response to the first of those reports.