Kospi rises 14% after rebound in chip stocks
The Kospi index has seen a significant 14% gain, largely due to the rebound in chip stocks.
The catalyst for this gain is the clearing of a hedge fund’s positions in chipmakers, including SK Hynix, after repeated margin calls.
Citadel has taken over these positions, likely at a discount, leading to enormous gains in the portfolio names in the US.
The index had previously dropped to 5262 two days ago, retracing the April rally completely.