South Korean market rallies over 15% as chip makers rebound

On Friday, South Korea’s Kospi index rose 15.3% to 6,447.10, echoing gains on U.S. exchanges. The surge was powered by a 21.5% jump in Samsung Electronics and a 25.6% increase in SK Hynix, reversing a sharp sell-off that had knocked the index down more than 16% earlier in the week. Traders cited renewed optimism in artificial-intelligence related chips after worries about a bubble and rising competition from Chinese rivals eased.

Japan’s one outlet 225 climbed about 5% and SoftBank Group and Tokyo Electron also posted double-digit gains. Oil prices ticked up as tensions between the United States and Iran kept the Strait of Hormuz largely closed, lifting Brent crude to $87.14 a barrel.