South Korea's Kospi index jumped 16.5% on Friday, tracking gains on Wall Street as artificial intelligence-related stocks bounced back after losses earlier this week. This was reported by Qazaqyia.kz citing Associated Press.
In early Asian trading, the Kospi surged at the open and ratcheted up, trading 16.5% higher at 6,515.40. Shares of South Korean technology giant Samsung Electronics surged 24.8%, while memory chipmaker SK Hynix soared 27.8%.
The Kospi index had sunk more than 17% in the previous three days as investors dumped technology stocks in part over worries about an AI bubble and rising competition from chipmaking and AI rivals in China.
The rebound followed Microsoft's report of stronger than expected profits for the last quarter. Microsoft's shares soared 15.5% for its best day in nearly 18 years.