South Korea shares rise on chip rebound after AI-led selloff
* KOSPI rises, foreigners net sellers
* Korean won strengthens against dollar
* South Korea benchmark bond yield rises
SEOUL, - Round-up of South Korean financial markets:
** South Korean shares rose 1% on Monday as chipmakers rebounded from an AI-driven selloff last week, with investorsshrugging off concerns surrounding Nvidia after assurances that the country's contracted GPU supplies would not be affected.
** The benchmark KOSPI was up 1.57%, or 79.58 points, at 5,139.27 as of 0146 GMT. On Friday, the index dropped 6% to its lowest close since March 31.
** A senior South Korean official said issues currently affecting Nvidia would not affect South Korea's contracted supply of graphics processing units from the US AI chipmaker.
** Wall Street recovered some ground on Friday, a day after fears about tighter US regulation of AI wiped trillions of dollars off world stock markets and triggered a dash for government bonds.
** The semiconductor sector carries significant weight in South Korean equities, with memory-chip giants Samsung Electronics and SK Hynix among the market's biggest constituents and key beneficiaries of AI-related demand.
** "Unless there is more bad news from macroeconomic and AI earnings events this week, it is unlikely a market crash like the one last week will repeat again," Han Ji-young, an analyst at Kiwoom Securities, said on Monday.
** Shares of Samsung Electronics and SK Hynix rebounded from sharp losses to climb 2.9% and 4.7%, respectively.
** Among other heavyweights, battery maker LG Energy Solution slid 2.37%, while Hyundai Motor and sister automaker Kia Corp were down 0.89% and 2.59%, respectively.
** Steelmaker POSCO Holdings shed 0.19%, while drugmaker Samsung BioLogics rose 2.37%.
** Of the total 910 traded issues, 408 shares advanced, while 445 declined.
** Foreigners were net sellers of shares worth 512.1 billion won .
** The won was quoted at 1,360.6 per dollar on the onshore settlement platform, 0.18% higher than its previous close at 1,363.0.
** The most liquid three-year Korean treasury bond yield rose 2.4 basis points to 3.646%, while the benchmark 10-year yield rose 2.5 basis points to 3.877%.
This article was generated from an automated news agency feed without modifications to text.
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