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South Korea's KOSPI index surged 14% on Friday, marking its largest single-day gain on record
South Korea’s KOSPI index surged 14% on Friday, marking its largest single-day gain on record and reversing the sharp volatility of the previous month. The rally was primarily driven by strong gains in U.S. tech stocks, as optimistic earnings reports from Microsoft, Amazon, and Meta bolstered market expectations for spending on artificial intelligence infrastructure.In addition, SK Group Chairman Choi Tae-won’s disclosure that he had increased his stake in SK Hynix boosted market confidence, with shares of both SK Hynix and Samsung Electronics rising sharply.
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