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(Seoul=Yonhap Infomax) Kyu Sun Lee – South Korea’s benchmark KOSPI index surged past the 3,900 mark at the open on Monday, buoyed by a rebound in US equities and renewed expectations for a Federal Reserve rate cut.
As of 09:02 KST on the 24th, the KOSPI was up 48.43 points, or 1.26%, at 3,901.69.
The rally followed a technical rebound in US markets last Friday, which helped improve investor sentiment in Seoul. Notably, dovish remarks from John Williams, President of the Federal Reserve Bank of New York, revived hopes for a rate cut in December, providing further support to risk assets.
Among large-cap stocks, semiconductor leaders posted strong gains. Shares of Samsung Electronics Co., South Korea’s largest company by market value, rose 3.06% to 97,700 won ($75.00), while SK hynix Inc., the country’s top memory chipmaker, advanced 1.92% to 531,000 won ($407.50), driving the index higher. The sustained confidence in AI semiconductor fundamentals following Nvidia’s earnings report was cited as a key factor.
Other notable gainers included Samsung C&T Corp. (up 2.08%), SK Square Co. (up 1.88%), and Samsung Electro-Mechanics Co. (up 3.45%).
The tech-heavy KOSDAQ index also climbed, rising 6.31 points, or 0.73%, to 870.26 at the same time.
This week, key market variables include Dell Technologies Inc.’s earnings release scheduled for Wednesday (local time), the US Personal Consumption Expenditures (PCE) Price Index, and reduced trading volumes due to the Thanksgiving holiday.
Ji-young Han, analyst at Kiwoom Securities, said, “With foreign investors perceived as having oversold KOSPI, bargain hunting in leading sectors such as semiconductors is expected to provide downside support for the domestic market this week.”
kslee2@yna.co.kr
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