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Japan, South Korea Stocks Extend Gains as Kospi Holds 6,000; Kioxia Surges 5%, SK Hynix Rises Over 3%

Source Tradingkey

TradingKey - Rally slows after Japan and South Korea markets surge; KOSPI holds above 6,000 points, Kioxia jumps over 5%, and SK Hynix breaks 1.5 million won.

During Asian trading hours on October 29, after experiencing historic surges over the previous two days, the Japanese and South Korean capital markets opened with high-level consolidation and slowing momentum today. Among them, the KOSPI rose 1.03%, remaining above the 6,000-point mark at 6,074.43 points; Samsung Electronics gained 0.83% to 244,000 won; SK Hynix surged 3.43%, breaching the 1.5 million mark to stand at 1,537,000 won.

kospi-cbaf15e802d94cf790b4a586c045619f KOSPI Index Chart, Source: TradingView

The Nikkei 225 Index opened higher and extended gains for the third consecutive day, rising 0.79% to 64,460.44 points; Kioxia surged 5.2%, breaching the 150,000 mark to stand at 15,085 yen; SoftBank rose 1.5% to 4,752 yen.

The Federal Reserve kept its benchmark interest rate unchanged in the 3.75%–4.00% range, but there were two dissenting votes in this statement (advocating a 25-basis-point rate hike), and the meeting minutes showed that officials still harbored concerns about sticky inflation. This directly caused a short-term rebound in the 10-year US Treasury yield, suppressing the momentum of multinational high-frequency capital blindly chasing tech stocks higher at the Asian market open and causing the market rally to slow.

Samsung Electronics held its Q3 earnings conference call today, with the market closely watching its latest statements regarding HBM3e/HBM4 shipment progress and capital expenditures.

Source

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