FX.co ★ KOSPI Jumps as Tech and Biotech Stocks Rally Post-Holiday

The benchmark KOSPI surged by 1.76%, surpassing the 3,600 mark on Friday. This increase came after a significant opening jump following the seven-day Chuseok holiday, fueled by renewed optimism surrounding the global artificial intelligence boom. Investor confidence was bolstered by reports of Nvidia-backed Reflection AI securing $2 billion at a valuation of $8 billion, significantly lifting semiconductor and technology stocks. Notably, SK Hynix shot up by 9.86%, while Samsung Electronics rose by 5.84%. Additionally, pharmaceutical stocks saw modest gains, with Samsung Biologics increasing by 0.59% and Celltrion by 0.11%, after Celltrion obtained US FDA approval for its Eydenzelt biosimilar. This drug, which references Eylea, is targeting a global market valued at 13.33 trillion KRW and has already received approvals in Europe and Australia, further enhancing confidence in South Korea’s pharmaceutical industry.