(Bloomberg) -- South Korean stocks climbed Friday, rebounding from steep losses earlier this week, as major technology firms' spending plans refueled optimism on the artificial intelligence trade.
Most Read from Bloomberg
Chip Stocks Post Biggest Advance Since April 2025: Markets Wrap - US Strikes Iran Again as Conflict Spreads Across Middle East - Warner Bros. Deal Collapse Would Cost the Ellisons $9.8 Billion - Microsoft's $450 Billion Jump Is Biggest in Stock Market History
The benchmark Kospi rose as much as 14%, the most on record. SK Hynix Inc. jumped as much as 28%, helped also by a rare direct share purchase by SK Group Chairman Chey Tae-won, while memory-chipmaker peer Samsung Electronics Co. rose 26%.
The benchmark index tumbled 17% over the previous three sessions on concerns over rising debt levels at the world's biggest tech firms and a threat of Chinese competition. This year's big AI-fueled rally had turned increasingly volatile with the launch of leveraged products in May.
"The recent accelerated selloff in AI tech driven by deleveraging, degrossing, liquidations and other liquidity factors may be stabilizing," said Shawn Oh, head of Korea cash equities at NH Investment & Securities.
Investors drew comfort from Chey's purchase of 3,620 SK Hynix shares in the open market, his first direct personal investment in the chipmaker. The purchase, worth about 4.8 billion won ($3.2 million), was widely interpreted as a vote of confidence in the company's long-term prospects after the sharp decline.
Most Read from Bloomberg Businessweek
How a Few Hundred Dollars Could Manipulate Election Prediction Markets - The Bitcoin Slump Is Crushing Companies That Stockpiled Tokens
©2026 Bloomberg L.P.