KOSPI rises 3.6% for fourth straight session as chip stocks rally
South Korea's KOSPI rose for a fourth straight session on Thursday, closing 3.6% higher at 6,813.34 points. The index reached a three-week high as chipmakers led the market, tracking overnight gains in U.S. artificial-intelligence and semiconductor stocks. Samsung Electronics rose 4.89%, while SK hynix gained 5.92%. Reports that Temasek, Singapore's state-owned investment company, plans to invest in the two memory-chip manufacturers also boosted confidence in the semiconductor sector. U.S. technology stocks rebounded on Wednesday. The S&P 500 and another index whose name is missing from the source closed higher after optimistic results and forecasts from artificial-intelligence infrastructure companies reinforced expectations for strong AI spending. Moderate U.S. inflation data also lifted investor sentiment. Analysts said positive sentiment toward AI and memory stocks in the U.S. spread to South Korea. Local media reports on Wednesday about Temasek's investment plan provided an additional lift to the shares of the country's two largest chipmakers. Temasek has been in contact with the South Korean government while considering the timing of potential investments in Samsung and SK hynix. The company said, however, that it had not sought the government's advice on the timing and added that it first invested in both companies two years ago. Asked whether it was considering additional investments in Samsung Electronics and SK hynix, Temasek said: "We do not comment on individual investments and therefore cannot provide further comment." South Korea said Thursday that it would increase financial support for real-estate development projects and ease some restrictions on young homebuyers to stabilize an overheated property market. Earlier this month, President Lee Jae-myung's government proposed raising taxes on wealthy homeowners. Lee's approval rating has recently declined amid rising home prices and stock-market volatility. The Financial Services Commission said in a statement that the measures announced Thursday aim to "stabilize the housing market by expanding housing supply and providing comprehensive financial-support programs for young people and those with genuine housing needs." The FSC said it would increase policy support for real-estate project financing to more than 47.8 trillion won from the previously planned 26.3 trillion won, or about $33.72 billion, to increase housing supply. The FSC also announced new policy loans and other support for young people buying homes for their own use and for newly married couples, while maintaining or tightening restrictions aimed at speculative demand.
The index reached a three-week high as chipmakers led the market, tracking overnight gains in U.S. artificial-intelligence and semiconductor stocks. Samsung Electronics rose 4.89%, while SK hynix gained 5.92%.
Reports that Temasek, Singapore's state-owned investment company, plans to invest in the two memory-chip manufacturers also boosted confidence in the semiconductor sector.
U.S. technology stocks rebounded on Wednesday. The S&P 500 and another index whose name is missing from the source closed higher after optimistic results and forecasts from artificial-intelligence infrastructure companies reinforced expectations for strong AI spending. Moderate U.S. inflation data also lifted investor sentiment.
Analysts said positive sentiment toward AI and memory stocks in the U.S. spread to South Korea. Local media reports on Wednesday about Temasek's investment plan provided an additional lift to the shares of the country's two largest chipmakers.
Temasek has been in contact with the South Korean government while considering the timing of potential investments in Samsung and SK hynix. The company said, however, that it had not sought the government's advice on the timing and added that it first invested in both companies two years ago. Asked whether it was considering additional investments in Samsung Electronics and SK hynix, Temasek said: "We do not comment on individual investments and therefore cannot provide further comment."
South Korea said Thursday that it would increase financial support for real-estate development projects and ease some restrictions on young homebuyers to stabilize an overheated property market. Earlier this month, President Lee Jae-myung's government proposed raising taxes on wealthy homeowners. Lee's approval rating has recently declined amid rising home prices and stock-market volatility.
The Financial Services Commission said in a statement that the measures announced Thursday aim to "stabilize the housing market by expanding housing supply and providing comprehensive financial-support programs for young people and those with genuine housing needs." The FSC said it would increase policy support for real-estate project financing to more than 47.8 trillion won from the previously planned 26.3 trillion won, or about $33.72 billion, to increase housing supply.
The FSC also announced new policy loans and other support for young people buying homes for their own use and for newly married couples, while maintaining or tightening restrictions aimed at speculative demand.