South Korea’s KOSPI surges 14.5% as AI optimism and strong earnings drive semiconductor stocks, while a $53.4 billion sovereign fund plan boosts markets.
Asian stocks rose Friday, led by South Korea’s KOSPI Composite, which jumped over 14.5% on strong AI demand and semiconductor gains. SK Hynix and Samsung Electronics surged 25% and 20%, respectively, after Microsoft and Amazon reported robust earnings, reinforcing hyperscaler investment expectations.
South Korea’s government announced a 20 trillion Won sovereign wealth fund to support strategic industries, alongside June industrial production rising 2.3%, the fastest monthly pace in six years. Authorities also introduced measures to curb equity volatility amid heightened market swings.
Japan’s Nikkei 225 climbed 3.5% to 64,050 after the Bank of Japan held rates at 1%, with one dissenter favoring a hike due to inflation risks. Chinese markets saw mixed results, with the SSE Composite up 0.7% and the Shenzhen Component rising over 3%.