KOSPI tops 5,600 on AI optimism as chip-led growth beats forecasts
Seoul stocks rebounded sharply on renewed AI optimism, with the KOSPI closing above 5,600 and the exchange activating a buy-side sidecar, while the won edged lower ahead of a Federal Reserve meeting. Korea's Q3 growth came in at 1%, triple the Bank of Korea's forecast, on the back of chip exports, and JYP Entertainment shares jumped after a Japanese investment group proposed buying a stake.
Markets & chips
Korean markets & the won
Seoul's session was driven by a revival in AI-related sentiment, strong enough to trigger exchange safeguards, while currency trading stayed cautious before the Fed decision.
Seoul stocks closed sharply higher, with the KOSPI above 5,600, as AI investment sentiment revived.
The Korea Exchange triggered a buy-side sidecar for the KOSPI as the index rose sharply.
The market rebounded as Anthropic's IPO renewed appetite for AI-related shares.
The won weakened slightly against the dollar as traders awaited the Federal Reserve meeting.
Korea's economy grew 1% in the third quarter, three times the Bank of Korea's forecast, led by semiconductor exports.
The Bank of Korea said chip-led growth and AI are eroding the quality of jobs for young workers.
Samsung Electronics
Samsung's day mixed regulatory pressure with product and partnership news, as the company marked four years under Lee Jae-yong's leadership.
Korea's Fair Trade Commission plans a $15.1 million fine on Samsung Electronics over misleading gaming ads.
Four years after his inauguration, Lee Jae-yong's chip investment is credited with a surge in Samsung profit.
The Samsung Electronics chief is set to visit a robotics R&D center on the fourth anniversary of his inauguration.
Samsung Wallet is working with Tencent to expand its payments service in China.
Samsung Electronics launched Galaxy Buds On, its first open-ear earbuds, featuring a clip-on design.
Business of culture
JYP Entertainment
JYP Entertainment shares jumped after a Japanese investment group proposed buying a stake in the agency.
A Japanese investment group's claim of a JYP takeover is drawing questions about its credibility.
A Japan-linked group is looking to acquire up to 50% of JYP, fueling takeover speculation.
HYBE
HYBE named a new head of label services as part of expanding its global operations.
HYBE is combining its music distribution and marketing functions to extend its global reach.
K-drama, film, webtoons & streaming
The Busan webtoon festival is marking its 10th anniversary with 800 works by artists from around the world.
Krafton
K-pop group IVE is collaborating with Krafton on PUBG: Battlegrounds.