Seoul shares up nearly 13% late Fri. morning on tech boost

Seoul shares surged nearly 13 percent late Friday morning, with the KOSPI adding 717.3 points to trade at 6,310.86, as investors scooped up semiconductor shares following Microsoft's strong earnings that eased fears about AI spending. Samsung Electronics jumped 18.24 percent and SK hynix rose 21.86 percent, while the S&P 500 climbed 1.66 percent and the Nasdaq gained 2.78 percent overnight.

Korean stocks traded nearly 13 percent higher late Friday morning as investors scooped up semiconductor shares following Microsoft's strong earnings. After opening 1.15 percent higher, the benchmark Korea Composite Stock Price Index KOSPI expanded its gains, adding 717.3 points, or 12.82 percent, to trade at 6,310.86 as of 11:20 a.m. The surge followed a three-session heavy sell-off due mainly to concerns over artificial intelligence AI spending. The KOSPI fell nearly 40 percent this month alone. Overnight, Wall Street closed higher as Microsoft's stronger-than-expected earnings report eased fears about massive spending on AI infrastructure. The S&P 500 climbed 1.66 percent and the Nasdaq gained 2.78 percent, while the Dow Jones Industrial Average rose 1.19 percent. The PHLX chip index, a gauge of U.S. semiconductor giants, surged 8.2 percent. In Seoul, market bellwether Samsung Electronics shot up 18.24 percent, and SK hynix skyrocketed 21.86 percent. Top carmaker Hyundai Motor jumped 6.98 percent, and internet firm Naver gained 5.03 percent. Leading shipbuilder HD Hyundai Heavy Indust