KOSPI rises 2.3% as SK hynix and Samsung extend chip rally

  • South Korea's KOSPI rose 2.3% as semiconductor shares led the market higher.
  • SK hynix gained 5.7% to 1.884 million won and Samsung Electronics rose 3.2%.
  • South Korea's second-quarter economy grew 0.6% from the previous quarter.

South Korea's KOSPI climbed 2.3% on Tuesday, led by a renewed advance in semiconductor shares, with SK hynix rising 5.7% to 1.884 million won and Samsung Electronics gaining 3.2% to 278,500 won. The move came as South Korea's economy expanded 0.6% in the second quarter from the previous quarter, exceeding expectations for 0.2%, supported by strong semiconductor exports. The rally helped lift the MSCI Asia Pacific index 0.4%, although regional trading was mixed as Brent crude approached $97.46 a barrel, the U.S. 10-year Treasury yield stood near 4.788%, and markets priced roughly a 60% probability of a 25-basis-point Federal Reserve rate increase at the Sept. 16 meeting. The latest gains extend a semiconductor-driven recovery in South Korean equities that had drawn foreign and institutional buying, even as retail investors accumulated inverse KOSPI products to position for a potential correction.

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