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South Korea’s KOSPI has rebounded roughly 20% from its late-July low, putting the benchmark close to leaving bear-market territory as investors return to technology and semiconductor stocks following a steep selloff.
The KOSPI surged 4.15% to 6,852.31 on Thursday, extending its recovery from recent losses. Semiconductor heavyweights led the advance, with Samsung Electronics rising 3.72% and SK Hynix gaining 7.11%.
The latest KOSPI rally follows a difficult July, when investors reduced exposure to AI-related stocks amid concerns over elevated valuations, the sustainability of artificial intelligence spending and intensifying competition in advanced semiconductors. Samsung Electronics and SK Hynix have since attracted renewed buying as investors reassess prospects for South Korea’s chip sector.
The benchmark plunged 22.2% in July, marking its steepest monthly decline since October 2008. The correction came after a powerful first-half rally and reflected the unwinding of crowded positions in technology shares.
Citi analysts noted that foreign selling pressure eased during July as some investors bought Korean stocks during the downturn. Foreign investors recorded net sales of $6.2 billion in Korean equities during the month, sharply below outflows of $30.5 billion in June and $27.9 billion in May.
Meanwhile, Korean retail investors continued increasing their exposure to overseas markets, purchasing $6.7 billion of foreign securities in July. Toward the end of the month, their foreign-market purchases exceeded investments in domestic equities and exchange-traded funds.
The South Korean won also moved in the opposite direction to stocks during July. The currency strengthened 7.1% against the US dollar, its biggest monthly gain since November 2022, despite the KOSPI recording its worst monthly performance since the global financial crisis.
Despite the strong rebound, risks remain. Citi said investor positioning has improved following the correction, but continued demand among Korean retail investors for overseas assets could limit domestic market momentum. Renewed weakness in AI and semiconductor stocks could also trigger another period of KOSPI volatility.
