South Korean stocks rally after rout as Samsung profit surges 1,813%

EarningsGeopoliticsMacro Impact 4

โดย Yahoo Finance·Read original

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South Korean stocks rallied more than five percent Thursday after a two-day rout, boosted by Samsung Electronics reporting a 1,813 percent jump in second-quarter operating profit driven by AI demand. The Kospi index had been hammered since hitting a record high last month, with chip giants SK hynix and Samsung suffering sharp sell-offs amid a global tech retreat, but Samsung’s results met expectations and its shares rose more than six percent. The broader rally was also supported by Microsoft’s cloud unit growing at its fastest pace in four years, though Facebook parent Meta issued a disappointing revenue forecast. Oil prices held steep gains after US strikes on Iran reignited Middle East tensions, with Brent crude up more than eight percent on Wednesday before slipping Thursday. Uncertainty over the Federal Reserve’s rate plans persisted after three policymakers dissented in favor of a hike, and Bank boss Kevin Warsh said: "We are on the job. We will deliver. We are focused like a laser, making sure we can do it."