Samsung, SK Hynix Jump More Than 11% to Lift Korean Market
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2r7wrvl]c(0x0}}4ie0zk1v5_media_dl_1.png BloombergArticle content(Bloomberg) — Chipmakers drove a rebound in South Korean stocks, as hopes that the Iran war may be nearing an end revived risk appetite. Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe Kospi Index soared nearly 9%, with Samsung Electronics Co. and SK Hynix Inc. extending gains in afternoon trading to more than 13% and 11%, respectively. The small cap Kosdaq gauge also jumped more than 6%, briefly triggering a halt in program trading by the exchange.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentThe rally follows a four-day slide that had pushed the equity benchmark to the brink of a bear market. A sense of relief swept across global markets after both the US and Iran are looking toward a conclusion to their weekslong military conflict. Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentKorean stocks are rallying due to a “global risk-on shift driven by the rebound in US equities, with a tech-led bounce lifting the Korean market,” said Ha SeokKeun, chief investment officer at Eugene Asset Management. Also in play is a technical rebound from short-term oversold conditions, triggering short covering and bargain buying, he said.Article contentOther tailwinds for the market came from data showing memory product prices rose in March, helping confirm that the artificial intelligence boom is still on track. US tech also got a lift Tuesday from Nvidia Corp.’s plan to take a $2 billion stake in Marvell Technology Inc. and completion of OpenAI’s largest funding round to date.Article contentThe Iran war triggered sharp volatility in Korean equities, which swung from being the world’s top performers through February to the worst-performing market in March. Tech had taken a hit from war-related stagflation concerns, and memory makers saw an added drag from worries that a Google compression technology could sap demand.Article contentArticle contentMarkets continue to swing on daily headlines, and much uncertainty remains.
President Donald Trump is scheduled to give a speech on the war on Wednesday at 9 p.m. Washington time.Article contentLocal funds were buyers of Kospi shares, on a net basis, while overseas investors and retail traders sold. Article content“For those who still believe the regional conflict is not over yet, this is a good time to take profit,” said Jung In Yun, chief executive officer at Fibonacci Asset Management Global. The are “still plenty of elements of surprise,” with energy prices likely to remain elevated until the end of the year.Article content(Updates price gains.)Article contentTrending Suncor reveals expansion plans as key oilsands mine enters its last decade Energy Chinese cars can’t cross from Canada to U.S., Trump’s envoy says Autos Old Age Security reform is a good idea; arbitrary clawbacks are not Personal Finance Snowbirds moving back home drives high demand for cottage properties Real Estate Canada's economy is on a 'rollercoaster' that the Bank of Canada will have to ride, economists say Economy Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Suncor reveals expansion plans as key oilsands mine enters its last decade Energy Chinese cars can’t cross from Canada to U.S., Trump’s envoy says Autos Old Age Security reform is a good idea; arbitrary clawbacks are not Personal Finance Snowbirds moving back home drives high demand for cottage properties Real Estate Canada's economy is on a 'rollercoaster' that the Bank of Canada will have to ride, economists say Economy