Japan and South Korea Stocks Open Strong: SoftBank Surges 7% to Lead, SK Hynix, Samsung and Kioxia All Rally Over 4%
TradingKey - Both Japanese and South Korean stock markets opened sharply higher, with the KOSPI Index and the Nikkei 225 continuing to soar; SoftBank surged nearly 7%, while SK Hynix, Samsung Electronics, and Kioxia all rose over 4%.
During the Asian session on July 10, the Japanese and South Korean stock markets opened higher and continued to climb for the second consecutive trading day. Among them, South Korea's KOSPI Index surged 3.39%, briefly touching the 7,500-point mark to temporarily trade at 7,539.26 points; the Nikkei 225 Index rose 1.7% to temporarily trade at 68,897.53 points, largely recovering from yesterday's close of 67,743 points.
KOSPI Index Chart, Source: TradingView
In terms of individual stocks, heavyweight shares rallied across the board, with all rising over 4%. Among them, SoftBank surged 6.86% to break through the 60,000 mark, temporarily trading at 6,152 yen; Kioxia rose 4.26% to reclaim the 80,000 level, temporarily trading at 81,180 yen; SK Hynix jumped 4.2% to temporarily trade at 2,283,000 won; Samsung Electronics jumped 4.14% at the open, temporarily trading at 289,500 won.
Today's strong opening in the Japanese and South Korean stock markets is mainly attributed to the U.S. and Iran returning to the technical negotiation table, which partially cooled Middle East geopolitical tensions, as well as the short-term stabilization of U.S. tech stocks. The market's focus for the day will be locked onto SK Hynix's debut performance in its U.S. ADRs, and whether the "liquidity drain effect" brought about by global passive funds due to the Nasdaq weight adjustment of SpaceX ( SPCX) has officially run its course today as a priced-in positive factor.
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