South Korea’s KOSPI rose 4.53% from Monday’s close to 5,717.30 on Tuesday morning. The jump made the Korea Exchange pause program buying for five minutes, its second brake in six days.
The first brake, on October 21, did not hold. The KOSPI gave back that entire rally within two sessions. For KOSPI holders, this rebound now rests on SK Hynix and Samsung Electronics, which report results this week.
Memory Stocks Carried the Rally While Oil Gave a Small Push
The Korea Exchange imposed the curb, known as a buy-side sidecar, at 10:13 a.m., Yonhap reported. Investor sentiment improved after artificial intelligence (AI) stocks rebounded in the US overnight.
Chip stocks led the US session on Monday. The Philadelphia Semiconductor Index climbed 2.82%, while the Nasdaq Composite rose 0.82% to 26,169.38. The S&P 500 gained 0.70% to 7,676.77.
Brent crude also fell as Saudi, Pakistani, and Turkish officials held talks in Tehran. It traded at $114.64 a barrel early Tuesday, down 1.01% on the day. Even so, Brent remains 17.28% higher than a month ago.
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Back in Seoul, Korea’s memory giants led the move in Seoul. By 10:35 a.m., SK Hynix had climbed 7.14% to 1.366 million won. Samsung added 4.93% to 223,500 won.
Korea’s gain outran Tuesday’s moves elsewhere in Asia. Japan’s Nikkei 225 rose 1.96% to 63,407.69, and Taiwan’s TAIEX added 0.47% to 46,260.03.
The gap ran the other way on October 15, when the KOSPI sank 7.57% after hot US inflation data. The Nikkei and TAIEX fell 4.90% and 3.41% that day. With so much weight in two memory makers, the KOSPI amplifies AI sentiment in both directions.
Two Earnings Calls Stand Between This Rally and a Repeat
The rebound starts from a deep hole after weeks of chip-led selling. The KOSPI closed Monday nearly 40% under its June peak. Foreign investors sold a net 695.5 billion won that day.
Goldman Sachs cut its KOSPI target to 9,000 from 12,000 on Sunday. The bank says chip valuations imply a 65% fall in 2027 sector earnings, an outlook it calls overly negative.
SK Hynix reports third-quarter results on October 28, and Samsung follows on October 29. Memory chipmakers make up about half of the index.
Retail investors remain exposed to that outcome. Their 2026 net purchases carry an estimated average entry near 6,550, Global Markets Investor said. Tuesday morning’s level sits about 13% below that.
Firm guidance on 2027 memory pricing would support Goldman’s case. Weak outlooks would keep the 65% earnings-drop assumption priced in, and Tuesday’s gains may then fade like the October 21 rally.
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