South Korean stocks ended the Aug 24-28 week lower after a volatile stretch dominated by swings in semiconductor heavyweights, with the Kospi falling about 1.8% for the week to close Aug 28 at 6,788.88.
The benchmark started the week with a sharp 3.12% plunge to 6,696.96 on Aug 24 as disappointment over Samsung Electronics’ shareholder return plan triggered heavy selling in chip and other Samsung-linked stocks.
The Kospi then staged a three-day recovery, gaining 0.68% the following day to 6,742.74 before climbing another 0.97% to 6,808.21 on Aug 26. The rebound was supported by bargain hunting, share buybacks by major chipmakers and easing oil prices and US Treasury yields ahead of Nvidia’s results.
On Aug 27, the index jumped 1.53% to 6,912.37 as Nvidia’s better-than-expected earnings eased concerns over artificial intelligence-related demand and boosted semiconductor sentiment, although gains were capped after the Bank of Korea raised its policy rate.
The recovery faltered on Aug 28, when the Kospi tumbled 1.79% to 6,788.88 as investors sold technology heavyweights amid concerns over possible new US semiconductor tariffs, Middle East tensions and uncertainty ahead of the Federal Reserve’s Jackson Hole meeting.
Overall, the Kospi shed about 124 points from the close on Aug 21, as the midweek technology rebound failed to fully erase sharp losses at both ends of the week.
