Seoul Stocks Rally as Foreign Investors Buy Tech Heavyweights
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- Seoul stocks surged late Wednesday morning, with the KOSPI rising 5.54% to 7,121.84, driven by foreign investors acquiring tech heavyweights like Samsung Electronics and SK hynix.
- The rally followed overnight gains in U.S. stocks, particularly semiconductors, as markets anticipate major tech earnings to gauge AI investment returns.
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Seoul stocks were trading higher late Wednesday morning, extending gains after rising sharply on bargain hunting, influenced by overnight U.S. stock gains led by semiconductors.
SEOUL, July 22 (Yonhap) -- Seoul stocks were trading higher late Wednesday morning, as foreign investors snapped up tech heavyweights.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 373.89 points, or 5.54 percent, to 7,121.84 as of 11:20 a.m.
The index extended its gains after rising sharply higher on bargain hunting.
Overnight U.S. stocks also gained ground, led by semiconductors while investors closely follow the upcoming earnings releases from major big tech companies.
The upcoming results, including their capital expenditure guidance, will provide hints on whether the massive spending on artificial intelligence (AI) infrastructure can translate into sustainable revenues.
Most market top-caps moved upward.
Chip giant Samsung Electronics rose 5.6 percent, while its industry rival SK hynix added 7.84 percent.
Top carmaker Hyundai Motor climbed 6.89 percent, defense giant Hanwha Aerospace advanced 2 percent, and major financial firm KB Financial inched up 0.63 percent.
The Korean won was quoted at 1,480.5 won against the U.S. dollar, up 1.5 won from the day before.
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Upcoming earnings reports will provide hints on the sustainability of AI infrastructure spending revenues.
Wahrscheinlich · Innerhalb von Wochen
Offene Fragen
- Will AI infrastructure spending translate into sustainable revenues?
- How will upcoming earnings reports impact market sentiment?
- Will foreign investor interest in Korean tech continue?
