South Korean stocks staged a sharp comeback in the week of Aug 10-14, with the Kospi climbing to a three-week high by Aug 14 as renewed buying in semiconductor heavyweights Samsung Electronics and SK hynix powered the recovery.
The rally put the benchmark on course to snap seven consecutive weeks of losses.
The market started the week higher as chipmakers tracked gains on Wall Street, while easing concerns over prolonged high US interest rates improved risk appetite. Tuesday extended the advance, led by Samsung Electronics and supported by strong export momentum.
Momentum accelerated on Wednesday, when the Kospi surged 3.68%, with Samsung Electronics jumping 6.7% and SK hynix gaining 5.5%. Semiconductor sentiment was boosted further by reports of potential investment in the two chipmakers by Singapore’s Temasek.
The rally strengthened on Aug 13 as the Kospi climbed about 4% to 6,813.34, taking it more than 20% above its July 30 low and back into technical bull-market territory. Samsung rose about 5%, while SK hynix advanced roughly 6%, driven by renewed confidence in artificial intelligence-related memory demand.
By Aug 14, chip buying remained the main driver as the Kospi reached its highest level in three weeks, marking a strong reversal from the semiconductor-led sell-off that battered the market in July.
