South Korea's stocks rise for three consecutive days and the won strengthens, driven by better-than-expected GDP and an AI spending boom

智通财经2026/07/23 03:06

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On Thursday, the South Korean stock market rose for the third consecutive trading day, with the KOSPI index climbing 2.43% to close at 6,963.08 points, accumulating a gain of over 7% in three days. The onshore Korean won closed at 1,467.6 against the US dollar, appreciating by 0.67% from the previous day. Although the index is still down 23% from its all-time high on June 22, stronger-than-expected economic growth driven by semiconductor exports has boosted market confidence.
The Bank of Korea announced a preliminary second-quarter GDP growth of 0.6% quarter-on-quarter, exceeding the market expectation of 0.4%. Despite a significant slowdown from the 1.8% seen in the first quarter, this still indicates that the chip industry’s growth momentum is strong enough to support the economy. ANZ economist Krystal Tan pointed out that the better-than-expected GDP data raises the likelihood of another interest rate hike by the Bank of Korea in August, as rising energy prices and inflation risks tilt the scales towards tightening.
Major technology stocks rallied collectively: Samsung Electronics rose 2.30%, SK Hynix gained 2.35%, and LG Energy Solution advanced 3.27%. Earnings reports from Alphabet and Tesla reinforced expectations that AI infrastructure spending remains strong, benefiting advanced chip and memory suppliers in Asia. Hyundai Motor climbed 1.67%, Kia added 0.82%, POSCO Holdings surged 3.63%, and Samsung Biologics increased 1.82%.
Foreign investors recorded a net purchase of 1.12 trillion won in South Korean stocks on the day. In the bond market, three-year government bond futures edged higher; the three-year yield dipped slightly to 3.912%, while the ten-year yield rose by 2.7 basis points to 4.381%.

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South Korea's stocks rise for three consecutive days and the won strengthens, driven by better-than-expected GDP and an AI spending boom

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