The benchmark KOSPI rose nearly 1% to around 6,930 on Wednesday, snapping a two-day losing streak as gains in US semiconductor stocks boosted Korean chipmakers. The Philadelphia Semiconductor Index climbed 1.3% overnight, while Samsung Electronics and SK hynix advanced about 0.5% and 2.7%, respectively, underscoring renewed demand for major technology shares. Other strong performers included SK Square (up 2.9%), Doosan Enerbility (up 2.5%), and HD Hyundai Heavy Industries (up 2.1%). The index was also on track to post a gain of more than 1% for September.
However, further upside was capped by elevated US Treasury yields, with the 10-year yield hovering near its highest level since 2007 and the 30-year yield at its highest since 2002, keeping borrowing costs elevated for growth-oriented technology companies. In addition, Samsung Electronics and SK hynix are expected to complete their combined KRW 55 trillion share buyback programs by mid-October—earlier than the previously anticipated late-November timeline—potentially removing a key source of demand for KOSPI components.
