The benchmark Kospi rose more than 2 percent in early trading Thursday, with Samsung Electronics and SK hynix leading gains in the semiconductor sector, defying a decline on Wall Street following Nvidia's sharp sell-off.
As of 10:30 a.m., the Kospi had gained 2.44 percent from the previous session to rise to 5,472.92.
The index opened 2.05 percent higher at 5,452.41 and briefly broke above the 5,500 mark, reaching an intraday high of 5,504.44. It later pared some of its gains, but remained firmly in positive territory.
Nvidia shares plunged more than 13 percent in trading before paring losses to close down 4.34 percent, amid concerns over leadership uncertainty following CEO Jensen Huang's resignation Thursday. But major Korean chipmakers advanced, supported by expectations of robust order growth.
Samsung Electronics rose 2.76 percent to 213,750 won ($160), while SK hynix gained 2.63 percent to 1,287,000 won.
Foreign investors and institutions were net buyers of local stocks, purchasing 161 billion won and 92.6 billion won worth of shares, respectively. Retail investors, meanwhile, net sold 398 billion won.
“Despite external pressures, including Nvidia CEO Jensen Huang’s resignation, weakness in Nebius shares and rising interest rates and oil prices, some of the negative developments have already been priced in, while bargain-hunting is providing support for the market, limiting downside risks and leading to divergent sector performances,” said Han Ji-young, an analyst at Kiwoom Securities.
silverstar@heraldcorp.com
