South Korean market rises as chip makers rally despite US yield concerns
South Korean equities opened higher, led by gains in semiconductor stocks, while high U.S. Treasury yields dampened overall sentiment.
On Wednesday morning, South Korea's benchmark KOSPI opened up by 72.66 points, roughly 1.06%, reaching 6,943.47 as semiconductor shares led the advance. The boost came after the Philadelphia Semiconductor Index rose 1.32%, providing a positive signal for domestic chipmakers Samsung Electronics and SK hynix. Despite the local rally, U.S. equity indices closed slightly lower, with the S&P 500 down 0.17% and the Dow falling 0.26%, reflecting the drag of elevated Treasury yields.
Oil prices also fell, but the high yields continued to suppress broader market optimism. The mixed signals highlight the sensitivity of Korean markets to both global chip trends and U.S. financial conditions.
Why it matters
The move shows how global chip demand and U.S. interest rates directly influence South Korea's stock market.
How this story developed
- Sep 4 China Uses Strategic Reserves to Offset Iran Conflict While U.S. SPR Hits 44-Year Low
- Sep 20 Oil benchmarks rose on Monday following a missile and drone attack by Yemen’s Iran-backed Houthis on Saudi Arabia’s capital Riyadh.
- Sep 22 Meta's new Muse AI assistant sparked an 11% jump in its stock, lifting other AI-related shares, while oil prices rose and bond yields nudged higher.
- Sep 24 Iran’s president publicly rejected any surrender to the United States at the UN.
- Sep 27 The Saudi pipeline across the Arabian Peninsula was closed after an attack in Iraq, adding to the blockage of the Strait of Hormuz.
- Sep 28 Asian equity markets opened with restraint on Monday as oil prices surged amid lingering US-Iran tensions, while higher bond yields added pressure.
- Sep 28 Oil prices spiked sharply, pushing bond yields higher and prompting mixed moves in Asian equities.
- Sep 29 Trump turned down Iran’s peace proposal at the United Nations.
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