KOSPI Rises 0.97% on Chip Giant Buybacks Ahead of Nvidia Earnings

The Korea Composite Stock Price Index (KOSPI) closed nearly 1 percent higher on Wednesday, driven by stock repurchases from chip giants SK hynix and Samsung Electronics. The index rose 65.47 points to 6,808.21, with winners outnumbering losers 584 to 273.

The rally was supported by institutional investors turning net buyers, purchasing a net 760.37 billion won. However, foreign and retail investors were net sellers, offloading a combined 2.36 trillion won. The Korean won fell against the US dollar, closing at 1,384.8 won.

Chip giant SK hynix has been carrying out a stock buyback of around 650,000 shares since last Thursday, while Samsung Electronics also announced a buyback this week. Investors are closely watching the upcoming earnings release from Nvidia, which is expected to act as a vital barometer for the global artificial intelligence infrastructure market.

The top caps ended mixed, with Samsung Electronics adding 1.75 percent and SK hynix inching up 0.6 percent. However, Hyundai Motor fell 3.09 percent and Hanwha Aerospace slid 1.36 percent.