KOSPI Index Enters Technical Bull Market as AI Boom Fuels Rebound

On August 13, South Korea's KOSPI index surged significantly due to the global AI trading frenzy, entering a technical bull market. The index rose more than 4% at one point during the morning session, rebounding approximately 23% from its low on July 30. Samsung Electronics and SK Hynix saw increases of over 4% and 7%, respectively, becoming the main drivers of this rally. Fundstrat Global Advisors noted that the rebound in the South Korean stock market may have further room to grow as major memory chip manufacturers recover. Mark Newton, the firm's head of technical strategy, pointed out that the iShares MSCI South Korea ETF has broken through key technical levels, improving its short-term outlook, influenced by the rising stock prices of Samsung Electronics and SK Hynix. Memory chip stocks, which were hit hardest during the recent tech sell-off, have begun to outperform the overall tech sector, marking the first occurrence of this since June.