KOSPI jumps 8.4% on Samsung strike suspension and Nvidia results
South Korea's KOSPI surged 8.4% on Thursday, its biggest one-day gain in seven years, after Samsung Electronics' union suspended its strike and Nvidia's blowout quarterly results lifted AI supply-chain stocks across the index.
The National Samsung Electronics Union (NSEU) announced on Thursday morning that it had suspended its strike following marathon overnight talks with management. The settlement includes a one-off bonus of 12.3 million won (about $8,900) per worker tied to AI products and a 5.3% increase in base pay.
Samsung Electronics shares jumped 9.2% on the news; Hynix rose 11% and Samsung SDI added 7%. The KOSPI index ended the session 8.4% higher at 2,985, its strongest one-day gain since February 2019. Nvidia's results late Wednesday — $47.1 billion of quarterly revenue plus an $80 billion share-buyback authorisation — set the table by lifting the wider AI supply chain.
The rally pushed the won 1.3% higher against the dollar and lifted the 10-year government bond yield by 6 basis points. Finance Minister Choi Sang-mok told investors 'Korea's critical position on the supply side of the AI corridor is being repriced'. Daiwa Securities lifted its KOSPI year-end target from 2,700 to 3,150. Samsung is expected to return HBM3E and HBM4 shipments to full capacity within 72 hours.
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