KOSPI rebounds on Samsung wage agreement, Nvidia earnings beat

The benchmark KOSPI staged a strong rebound Thursday, rising more than 8 percent in a single session on the back of a labor agreement at Samsung Electronics and Nvidia’s better-than-expected earnings results.

The index opened at 7,486.37, up 277.42 points, or 3.85 percent, and extended gains throughout the session to close at 7,815.59, up 606.64 points, or 8.42 percent.

The KOSPI had briefly surpassed the 8,000 mark intraday on May 15 before plunging amid heightened volatility.

The index posted its strongest rally since then.

Shares of Samsung Electronics also surged 8.51 percent to close at 299,500 won ($199), helping lift overall market sentiment.

The firm's management and labor unions reached a tentative wage agreement late Wednesday, a day before a planned strike at the world’s largest memory chipmaker.

Positive momentum was also fueled by overnight gains on Wall Street, particularly among chipmakers, alongside moderating global oil prices.

The Philadelphia Semiconductor Index surged 4.49 percent ahead of Nvidia’s earnings announcement.

Following the close of regular trading, Nvi