KOSPI Surges to Touch 7,000 Mark, Samsung Electronics Jumps Over 3% as Japanese Markets Close for Three Days

TradingKey - South Korean stocks surge at the open to hit the 7,000 mark, Samsung Electronics spikes 3.26% in a major rebound, while Japanese markets are closed for a three-day holiday.

During Asian trading hours on September 21, Japanese stock markets were closed for Respect for the Aged Day, while South Korean stocks opened higher before pulling back. The KOSPI index surged rapidly after the open, briefly touching the 7,000 mark before retreating, up 0.71% to temporarily trade at 6,943.29 points.

The two core tech chip stocks opened higher and moved upward, with Samsung Electronics delivering an even brighter performance, jumping 3.26% to approach the 270,000 mark, temporarily trading at 269,500 won; SK Hynix rose 1.08%, temporarily trading at 1,877,000 won.

KOSPI Index Chart, Source: TradingView

Last Friday, selling pressure in the semiconductor and AI supply chains eased, boosting opening buying momentum for South Korea's two major heavyweights (Samsung Electronics and SK Hynix). In addition, after the KOSPI experienced a significant correction last week, the market has gradually digested the short-term impact of the Federal Reserve's (Fed) hawkish rate outlook and international oil price volatility, attracting bargain-hunting capital into the market.

Japan is closed for a three-day long weekend starting September 21 for holidays including Respect for the Aged Day and Autumnal Equinox Day. If international markets or the exchange rate (USD/JPY) experience sharp fluctuations, energy could accumulate and be reflected in catch-up gains or losses after the open on Thursday, September 24.