Kospi opens sharply higher on bargain hunting

The rise came after a nearly 11 percent dip in the previous session, driven by losses in chipmaking stocks as investors remained concerned about the future of large-scale investment in AI.

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A screen in Hana Bank's trading room in central Seoul shows the Kospi opening on July 29.

Shares opened sharply higher on Wednesday as investors went bargain hunting following a nearly 11 percent dip in the previous session, driven by a loss in chipmaking stocks.

The benchmark Kospi rose 65.45 points, or 1.09 percent, to 6,089.11 in early trading.

The index plunged 10.84 percent to close at 6,023.66 due to concerns about the future of large-scale investment in AI infrastructure and rising competition from China. This led to a heavy sell-off in AI-related stocks, such as chipmakers.

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Overnight, Wall Street ended mixed. The Dow Jones Industrial Average gained 1.03 percent, while the tech-heavy Nasdaq composite slipped 0.22 percent.

Investor concerns about AI spending continued to weigh on semiconductor stocks despite a three-day slide in oil prices.


Yonhap

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