South Korean stocks surged on November 20, driven by semiconductor shares, as Nvidia's strong quarterly results eased AI bubble concerns. The KOSPI index climbed 2.67 percent to 4034.35 midday. This rebound followed two straight sessions of declines.
On November 20, the Seoul stock market saw a strong rally led by semiconductor shares, boosted by foreign and institutional buying. As of 11:20 a.m., the KOSPI index had gained 104.84 points, or 2.67 percent, to 4034.35, rebounding from the previous close of 3929.51.
The index opened higher, rising 101.48 points, or 2.58 percent, to 4,030.99 in the first 15 minutes of trading at 9:15 a.m. Investor sentiment improved following Nvidia's better-than-expected third-quarter revenue, which raised hopes for renewed momentum in the AI-driven market amid bubble worries.
Market bellwether Samsung Electronics jumped 4.46 percent, while chip giant SK hynix surged 4.09 percent, having spiked 5.34 percent at the open. Leading battery maker LG Energy Solution advanced 1.37 percent, and nuclear power plant builder Doosan Enerbility soared 4.84 percent.
Shipbuilders also gained: HD Hyundai Heavy rose 2.61 percent, and rival Hanwha Ocean increased 2.6 percent. Internet portal Naver spiked 4.43 percent, state-run utility KEPCO climbed 3.07 percent, and top steelmaker POSCO rose 3.03 percent. Top automaker Hyundai Motor edged up 0.09 percent, while affiliate Kia remained unchanged.
The previous day, November 19, the KOSPI fell 0.61 percent to 3,929.51 on tech losses and foreign selling. Kiwoom Securities analyst Han Ji-young noted that Nvidia's results and upcoming U.S. data could spur a turnaround.
The local currency traded at 1,468.85 won per U.S. dollar at 11:20 a.m., down 3.25 won from the prior session, after opening at 1,466.0 won, down 0.4 won.
