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The Economic Times
The Economic Times
Business
Veer Sharma

South Korea’s Kospi rockets 17% after massive 3-day selloff. What’s behind the surge?

Kospi South Korea Semiconductor Memory SK Hynix United States Artificial Intelligence Microsoft Samsung

South Korea's benchmark KOSPI index staged a dramatic comeback on Friday, jumping more than 16% to recoup almost all the losses suffered earlier this week. The rally was powered by sharp gains in heavyweight chipmakers Samsung Electronics and SK Hynix, tracking a strong recovery in U.S. technology stocks. Trading was briefly halted as has been the case this year amid sharp swings.

The KOSPI was up 17% at 6,549 points after tumbling nearly 17% over the previous three sessions, marking one of its steepest weekly declines, as fears of mounting competition from Chinese memory chipmakers triggered heavy selling across semiconductor stocks.

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