TradingKey - Japanese and South Korean stocks opened with turnover at high levels; the KOSPI ticked up 0.43%, Samsung surged 1.7%, and the Nikkei held firm above 61,000.
During Asian trading on November 12, Japanese and South Korean stock markets opened with modest gaps higher. However, because both markets had accumulated substantial gains over the past three trading sessions, and reports of executive turmoil at Nvidia (NVDA) emerged during US after-hours trading, early gains remained relatively restrained as the market entered a phase of share turnover and profit digestion ahead of breaking above previous highs.
The South Korea Composite Stock Price Index (KOSPI) rose 0.43% to trade at 5,398.24 points; Samsung Electronics opened higher and climbed further, up 1.7% at 209,500 won; SK Hynix gained 0.39% to trade at 1,281,000 won.
KOSPI index chart, Source: TradingView
The Nikkei 225 rose 0.1%, fluctuating above the 61,000 mark to trade at 61,307.79 points; Kioxia fell 2.2% to 9,360 yen; SoftBank dropped 1.95% to 3,780 yen.
The three major US stock indexes all closed higher, with the Philadelphia Semiconductor Index (SOX) surging 5.66% in a single day as all component stocks closed higher and essentially recouped all losses since the November 5 plunge, directly igniting early buying sentiment across Japanese and South Korean chip supply chains.
Despite the rally in US stocks, Japanese and South Korean equities had accumulated substantial gains over recent days, leading some short-term profit-takers to cash out at the open. Furthermore, news of executive turnover at Nvidia during US after-hours trading sent its shares tumbling about 8% post-market, which also dampened enthusiasm for chasing rallies during early Asian trading.