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South Korea’s Kospi index jumps more than 16% on a surge of chipmaking stocks
South Korea’s Kospi index jumps more than 16% on a surge of chipmaking stocks
1 of 5 | People stand in front of the electronic board showing Japanese Yen and U.S. Dollar exchange rate at a securities firm Friday, July 31, 2026. (AP Photo/Eugene Hoshiko)
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2 of 5 | A person stands near an electronic board showing Japan’s Nikkei index at a securities firm Friday, July 31, 2026. (AP Photo/Eugene Hoshiko)
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3 of 5 | A person walks past an electronic board showing Japan’s Nikkei index at a securities firm Friday, July 31, 2026. (AP Photo/Eugene Hoshiko)
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4 of 5 | A person walks past an electronic board showing Japan’s Nikkei index at a securities firm Friday, July 31, 2026. (AP Photo/Eugene Hoshiko)
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5 of 5 | People wait to cross a street near an electronic board showing Japan’s Nikkei index at a securities firm Friday, July 31, 2026. (AP Photo/Eugene Hoshiko)
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South Korea’s Kospi index jumps more than 16% on a surge of chipmaking stocks
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By ELAINE KURTENBACH and CHAN HO-HIM
Updated [hour]:[minute] [AMPM] [timezone], [monthFull] [day], [year] Updated 10:21 PM EDT, July 30, 2026
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BANGKOK (AP) — South Korea’s Kospi index jumped more than 16% on Friday, tracking gains on Wall Street as artificial intelligence-related stocks bounced back after losses earlier this week.
U.S. futures edged higher and oil prices rose.
In early Asian trading, the Kospi surged at the open and ratcheted up, trading 16.5% higher at 6,515.40. Shares of South Korean technology giant Samsung Electronics surged 24.8%, while memory chipmaker SK Hynix soared 27.8%.
The Kospi index had sunk 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 rebound followed Microsoft’s report of stronger than expected profits for the last quarter. Microsoft’s shares soared 15.5% for its best day in nearly 18 years. The strong earnings were taken as a signal that big spending on AI is translating into profits.
Traders flooded back into the market to snap up shares in tech companies that had recently swooned over doubts that the huge investments will yield adequate returns.
Despite the big jump Friday, the Kospi remains well below the peak of over 9,000 that it hit in June.
Tokyo’s Nikkei 225 climbed 5.5% in early Friday trading, to 65,282.21. Multinational investment holding company and OpenAI-investor SoftBank Group jumped 15%, while chip equipment maker Tokyo Electron rose nearly 11%.
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“The market went from throwing AI stocks overboard to fighting for the remaining seats before most traders had finished writing the obituary,” Stephen Innes of SPI Asset Management said in a commentary.
The dollar fell sharply against the Japanese yen overnight due to suspected intervention in the market after weeks of it trading above 160 yen.
Japan’s Nikkei financial newspaper said the intervention was coordinated, with the Federal Reserve Bank of New York conduction what is known as a “rate check” in which it asks various banks to provide exchange-rate quotes for currency trades.
However, after dropping more than 2.4%, the dollar bounced back early Friday, gaining 0.6% to 160.59 yen.
The Bank of Japan was due later Friday to wrap up a policymaking meeting. It was expected to hold interest rates at their current level, and analysts said the suspected intervention may have been timed to pre-empt speculative moves linked to the central bank’s decisions.
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“Intervention in support of the yen may not work any better now than it has previously, but the persistence of the Japanese authorities suggests to us that the yen will remain around the 160 level this year before staging a more sustained rebound next year,” Jonas Golterman of Capital Economics said in a commentary.
The euro fell to $1.1515 from $1.1524.
Elsewhere in Asia, Taiwan’s Taiex surged more than 7%. Australia’s S&P/ASX 200 added 0.5%, to 9,015.60.
Oil prices traded higher on tensions between the U.S. and Iran, as the Strait of Hormuz, a key waterway for oil transport, remained largely closed. Brent crude, the international standard, was up 0.3% to $87.14 per barrel. It was trading near $72 a barrel before the Iran war began in late February.
On Thursday, Wall Street’s benchmark S&P 500 gained 1.7% to 7,437.63. The Dow Jones Industrial Average added 1.2% to 52,208.06. The technology-heavy Nasdaq composite rose 2.8% to 25,122.18.
\\\_
Chan reported from Hong Kong.
Based in Bangkok, Kurtenbach is the AP’s business editor for Asia, helping to improve and expand our coverage of regional economies, climate change and the transition toward carbon-free energy. She has been covering economic, social, environmental and political trends in China, Japan and Southeast Asia throughout her career.
Chan writes about business and economy in China for The Associated Press, reporting on key sectors of the world’s second-largest economy from trade and technology to autos. He is based in Hong Kong.
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