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South Korea’s Kospi index jumps more than 16%
apnews.com • • business
Key Points:
- South Korea’s Kospi index surged 16.5% on Friday, driven by a strong rebound in AI-related technology stocks, with Samsung Electronics up 24.8% and SK Hynix rising 27.8%.
- The rally followed Microsoft’s better-than-expected quarterly profits, signaling that heavy AI investments are beginning to yield returns, reversing recent investor skepticism.
- Tokyo’s Nikkei 225 also climbed 5.5%, boosted by gains in SoftBank Group and Tokyo Electron, while the dollar fell sharply against the yen amid suspected coordinated market intervention by the Bank of Japan and the Federal Reserve.
- Oil prices rose slightly due to ongoing tensions between the U.S. and Iran, with Brent crude trading near $87 per barrel as the Strait of Hormuz remains largely closed.
- Wall Street indices ended Thursday higher, with the S&P 500 up 1.7%, the Dow Jones rising 1.2%, and the Nasdaq gaining 2.8%, reflecting renewed investor confidence in tech stocks.
