South Korean stocks surged a record 17% as renewed optimism around artificial intelligence fuelled a sharp rebound in global technology shares.
South Korean stocks soared a record 17 percent Friday as global tech firms performed a blistering recovery from an extended sell-off, with beaten-down chip giant SK hynix rocketing more than a quarter as the AI boom roared back.
After four weeks of blood-letting fuelled by worries over the vast sums being invested in artificial intelligence, traders raced to pick up bargains following a series of strong earnings.
Seoul's Kospi had been at the forefront of the sell-off after hitting a record high a month ago, with chipmakers SK hynix and Samsung the poster children of the rout, losing around half their value in the panic.
However, the voracious buying sentiment that had characterised markets for much of the past two years was back as bargain hunters returned and traders took heart in a series of announcements.
