Tech rebound fuels record-breaking rally in South Korean stocks
- HONG KONG: South Korean stocks soared a record 17.9 per cent on Friday (Jul 31) as Asian tech firms performed a blistering recovery from an extended sell-off, with beaten-down chip giant SK Hynix rocketing almost a third as the AI boom roared back.
- After four weeks of blood-letting fuelled by worries over the vast sums being invested in artificial intelligence, traders raced to pick up bargains following a series of strong earnings.
- Seoul's KOSPI had been at the forefront of the sell-off after hitting a record high a month ago, with chipmakers SK Hynix and Samsung the poster children of the rout
Unverified
- HONG KONG: South Korean stocks soared a record 17.9 per cent on Friday (Jul 31) as Asian tech firms performed a blistering recovery from an extended sell-off, with beaten-down chip giant SK Hynix rocketing almost a third as the AI boom roared back.
- After four weeks of blood-letting fuelled by worries over the vast sums being invested in artificial intelligence, traders raced to pick up bargains following a series of strong earnings.
- Seoul's KOSPI had been at the forefront of the sell-off after hitting a record high a month ago, with chipmakers SK Hynix and Samsung the poster children of the rout
Sources: CNA