South Korea's KOSPI index entered a technical bull market on Thursday, climbing more than 4% in early trading as the global AI rally returned with force. The index has rebounded about 23% from its July 30 low, according to Bitget market data, staging a sharp recovery from last month's historic selloff. Index heavyweights Samsung Electronics and SK Hynix led the advance, rising more than 4% and 7%, respectively. Fundstrat Global Advisors said the rally may have further room to run as major memory chip makers regain strength. The firm's technical strategy head, Mark Newton, noted that the iShares MSCI South Korea ETF has broken through a key technical level on the back of Samsung and SK Hynix gains, an improvement for the near-term outlook. Fundstrat also flagged a more telling signal: memory chip stocks, among the hardest hit in the recent tech selloff, are now starting to outperform the broader technology sector for the first time since June.
South Korea's KOSPI index entered a technical bull market on Thursday, climbing more than 4% in early trading as a resurgent global AI rally powered a strong rebound from last month's historic selloff. The index has risen about 23% from its July 30 low, according to Bitget market data.
Samsung Electronics and SK Hynix, the index's heavyweight chipmakers, led the gains. Samsung climbed more than 4% and SK Hynix more than 7%. Fundstrat Global Advisors said the rebound may have room to run as major memory chip manufacturers regain strength. The firm's head of technical strategy, Mark Newton, said the iShares MSCI South Korea ETF has broken through a key technical level, lifted by Samsung and SK Hynix, improving the near-term outlook for South Korean equities.
A more telling signal may be coming from memory chip stocks themselves, Fundstrat said. The group was among the hardest hit during the recent tech selloff, but these stocks are now starting to outperform the broader technology sector for the first time since June.
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