Kospi Surges 18% Amid Tech Rally and Rare FX Intervention
South Korean stocks rebounded sharply on Friday after a three-day losing streak, with the benchmark Kospi index surging by a record 18%. This was the biggest intraday gain for the Kospi.
The rally was sparked by stronger-than-expected results from tech giants Microsoft and Amazon, which boosted investor confidence in the sector. The rebound also saw the Korean won strengthen against the Japanese yen following a rare foreign exchange intervention between Japan and South Korea.
The Kospi's 18% gain on Friday more than offset its losses over the previous three days, providing some relief to investors who had been concerned about the market's recent downturn. However, it remains to be seen whether this rebound will be sustained in the coming days or weeks.