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News Topical, Digital Desk : South Korea's stock market made history on Thursday. The Kospi index jumped more than 3% to a record high. This was largely driven by a sharp rise in the shares of Samsung Electronics and SK Hynix. On Wednesday, both companies announced a memory chip supply partnership with OpenAI. Following this, Samsung's stock rose 4% and SK Hynix's stock rose 11%. Asian markets also saw mixed trends, with India and China closed for holidays.
Major Deal:
Late Wednesday night, both companies signed a memory chip supply agreement with OpenAI. This news doubled investors' enthusiasm. As a result, Samsung shares rose 4%, and SK Hynix jumped 11%. This deal will play a major role in meeting the growing demand for artificial intelligence and further strengthen South Korea's chip industry. The latest inflation data brought another significant news for South Korea—the September Consumer Price Index (CPI) rose 2.1% year-on-year. This was higher than expected, as experts had predicted a 2% increase. In August, the figure was 1.7%. In other Asian markets, Japan's Nikkei 225 index rose 0.28% to 44,675.96, while the Topix index fell 0.54%. Australia's ASX 200 index jumped 1.08% to 8,941.20. Hong Kong's Hang Seng index rose 1.15% to 27,163.52. Shares of Zijin Gold, in particular, boosted the market for the second consecutive day, jumping 12%. The Hang Seng Tech index also rose more than 2%.
Markets in India and China were closed for holidays. The Wall Street effect was also reflected in US markets on Wednesday. The S&P 500 and Nasdaq Composite reached new record highs, while the Dow Jones closed with a slight gain. However, uncertainty remains over the government shutdown there. Overall, Asian markets were bullish on Thursday, with investors' focus on the growth in the AI and chip sectors.
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