Korean stock market enters a technical bull market, memory chip stocks begin outperforming the broader tech sector for the first time since June
Odaily News: The Korean stock market surged on Thursday, with the KOSPI index rising over 4% in early trading, cumulatively rebounding about 23% from its July 30 low and entering a technical bull market. Heavyweight stocks Samsung Electronics and SK Hynix led the gains, rising over 4% and 7%, respectively. As the latest earnings reports from global tech giants show that AI capital expenditure remains at elevated levels, risk appetite for tech hardware and memory chip stocks has improved.Mark Newton, Head of Technical Strategy at Fundstrat Global Advisors, stated that memory chip stocks have begun outperforming the broader tech sector for the first time since June, and the simultaneous rebound in Korean stocks and memory chip stocks is driving capital flows back into the tech sector. However, he also noted that if U.S. Treasury yields and the dollar resume their upward trends, this rally could lose momentum later this month. (CNBC)
