KOSPI rebounds above 5,760 after early plunge; won hits over 2-year high
Korean stocks swung sharply as Seoul opened lower after a US tech sell-off, then the KOSPI rebounded above 5,760 following an early 3% plunge. The won touched a more than two-year high against the dollar, while the Bank of Korea was seen holding rates with a November hike still in view.
Markets & chips
KOSPI
Seoul's main index opened sharply lower after a US tech sell-off, then reversed course and closed back above 5,760.
KOSPI, Korea's main stock index, climbed back above 5,760 after falling 3% early in the session.
Battery and auto shares lifted the KOSPI, which edged higher.
Korean markets & the won
Korean shares opened sharply lower, tracking a sell-off in US technology stocks.
Korean won
The currency's move came as the finance minister said its earlier slide was out of line with fundamentals.
The won reached its highest level against the dollar in more than two years.
The finance minister said the won's earlier decline was out of line with economic fundamentals.
Bank of Korea
The Bank of Korea was seen holding rates, with a November hike still in view.
SK hynix
SK hynix moved on two fronts: support financing for its chip suppliers and scrutiny of a potential listing by its subsidiary Solidigm.
SK hynix and the government will provide $1.5 billion in loan guarantees to semiconductor suppliers.
SK hynix launched a 2 trillion won financing program aimed at supporting chip suppliers.
The watchdog chief said a potential Solidigm IPO by SK hynix conflicts with shareholder protection rules.
Samsung Electronics
Samsung and LG Display are preparing for Apple's next round of OLED demand.
Korean chipmakers
Hanmi Semiconductor launched Hanmi USA in Silicon Valley.
Business of culture
K-drama, film, webtoons & streaming
Korean film and webtoon-based content continued to travel, with a Yeon Sang-ho title selling widely abroad and a webtoon adaptation casting up at home.
The film sold to 118 countries and will have its US premiere at the Hawai'i International Film Festival.
The webtoon 'The Remarried Empress' is being adapted with a star-studded cast.
'Chiikawa' took over the Korean box office.