From the Associated Press, July 31:
South Korea’s Kospi index jumps nearly 18% on a surge in chipmaking stocks
World share benchmarks advanced, with South Korea’s Kospi index jumping near 18% on Friday, tracking gains on Wall Street as artificial intelligence-related stocks bounced back after losses earlier this week.
U.S. futures rose 0.5% and oil prices resumed climbing.
The Kospi surged at the open and then wavered, eventually rocketing up 17.9% to 6,695.45, its largest single day gain ever. Shares of South Korean technology giant Samsung Electronics surged 28%, while memory chipmaker SK Hynix soared 30%.
Despite its big jump Friday, the Kospi remains well below the peak of over 9,000 that it hit in June. It had shed more than 17% in the previous three days as investors dumped technology stocks in part over worries about an AI bubble and rising competition from chipmaking and AI rivals in China. The benchmark’s previous largest single day gain, of nearly 12%, was in October 2008 during the global financial crisis....
....MUCH MORE
