Japan and South Korea Stocks Open Higher: Samsung Rallies 4% to Lead Chip Stock Surge, SK Hynix and Kioxia Follow Trend

TradingKey - Japanese and South Korean stock markets jumped at the open, with the KOSPI index surging 2.71% and Samsung Electronics soaring over 4%. Kioxia and SK Hynix followed the upward trend, while SoftBank fell 2%.

During the Asian trading session on July 6, Japanese and South Korean stock markets opened higher and continued to move upward, both recording major gains. Among them, South Korea's KOSPI index rose 2.71% to temporarily trade at 8,307.48 points, while the Nikkei 225 index rose 0.73%, breaking through the 70,000-point mark to temporarily trade at 70,250.14 points. KOSPI Index Chart, Source: TradingView

In terms of individual stocks, heavyweights rallied across the board, with SoftBank being the sole decliner. Among them, Samsung Electronics jumped by 10,000 won at the open, rising 4.04% to temporarily trade at 322,500 won; SK Hynix rose 1.77% to temporarily trade at 2,468,000 won; Kioxia rose 0.97% to temporarily trade at 84,110 yen; SoftBank fell 2.32% to temporarily trade at 6,026 yen.

Samsung Electronics Stock Price Chart, Source: TradingView

Japanese and South Korean stock markets are transforming last week's "technical oversold rebound" into a "trend-based bottoming-out recovery." The Nikkei staying above 70,000 points and the KOSPI holding above 8,000 points have become the brand-new bullish defensive bases for the second half of the year.

It is worth noting that SpaceX will be officially added to the Nasdaq 100 Index tomorrow (July 7). Bullish funds in Japan and South Korea chose to front-run Asia-Pacific concept stocks in early trading today, betting on a super-rebound in tech stocks for the second half of the year. In addition, close attention should be paid to Samsung Electronics' preliminary earnings results to be released tomorrow, which will serve as a touchstone to test whether chip stocks can sustain their frenzy.