South Korean shares rebound from three-month low

South Korean shares rose on Wednesday, after falling more than 10% in the previous session, on dip buying as investors focussed on earnings of ‌domestic chipmakers ⁠and ⁠major U.S. technology firms.

The benchmark KOSPI was up 89.95 points, or 1.49%, at 6,113.61 as of 0052 GMT, after rising as much as 3.4% earlier in the session.

On Tuesday, the index fell 10.8% to post the biggest daily loss since March 4 and the lowest close since April 14.


"The KOSPI is seen ⁠rebounding on ‌dip buying, hopes around the U.S.-Iran negotiations and easing worries about the Federal Reserve's policy meeting," said Han Ji-young, ⁠an analyst at Kiwoom Securities.

The KOSPI is in "over-sold" territory of record levels, with valuations also at record lows, Han said.

Chipmaker SK Hynix was up 0.26%, erasing early gains of more than 4%. Before the session opened, it reported bumper quarterly results but fell short of lofty investor expectations fuelled by the AI boom.

Peer chipmaker Samsung Electronics ‌rose 4.09%.

Of the total 912 traded issues, 532 shares advanced, while 343 declined.

Foreigners were net buyers of shares worth 264.5 billion won ($181.8 million).

⁠The won was quoted at 1,456.2 per dollar on the onshore settlement platform, 0.14% lower than its previous close at 1,454.1.

In money and debt markets, September futures on 3-year treasury bonds lost 0.03 point to 102.97.

The most liquid 3-year Korean treasury bond yield rose by 0.6 basis points to 3.837%, while the benchmark 10-year yield fell by 0.2 basis points to 4.294%.