KOSPI Surges Toward 7,000 Points; SoftBank Jumps Over 11%, Kioxia, Samsung, and SK Hynix All Rise

KOSPI Surges 4.61% Nearing 7,000 Points, Nikkei Breaks Through 66,000 Points, SoftBank Surges Over 11%, Kioxia, Samsung, and SK Hynix Rise 5%-10%

On September 7 during Asian trading hours, both South Korean and Japanese stock markets surged strongly, mainly driven by robust gains in AI concepts and the semiconductor giant sector. The KOSPI continued to rise after opening and surged at the close, ultimately finishing up 4.61%, approaching the 7,000 level at 6,995.4 points. Both heavyweight stocks rallied significantly, with Samsung Electronics rising 5.68% to close at 270,000 KRW; SK Hynix gained 8.26% to 1,783,000 KRW.

The Nikkei 225 index also climbed steadily, closing up 2.12% at 66,399.79 points. Both heavyweight stocks surged, with Kioxia rising 9.31% to close at 59,530 JPY; SoftBank gained 11.22% to close at 6,217 JPY.

The US August non-farm payroll data released last Friday exceeded expectations. While it boosted market expectations for Federal Reserve interest rate hikes, it also significantly eased concerns about the world's largest economy slipping into recession, supporting risk appetite. The three major US stock indices all fell on the day the non-farm data was released, but the storage and chip sectors collectively rallied, spurring Japanese and South Korean markets to follow suit with strength today.

In the short term, the wealth effect and liquidity support for tech stocks remain in place. However, the medium-term direction will depend on the interplay between macro logic and risks. Events attracting significant attention include the US August CPI data to be released this Friday, as well as the monetary policy decisions from the Bank of Japan (BOJ) and the Federal Reserve (Fed) in mid-September.