South Korea's KOSPI surges 8.4% after Samsung Electronics labor deal
Business
South Korea's KOSPI index shot up 8.4% on Thursday, closing at 7,815.59, its largest single-day gain since April.
The rally was powered by Samsung Electronics reaching an all-time high after it struck a last-minute labor deal, dodging a strike and calming worries about chip supply disruptions.
Samsung bonuses and NVIDIA lift shares
Samsung's agreement included hefty bonuses (around $416,000 for some employees), which boosted market confidence.
Other big names like SK Hynix, Hyundai Motor, Kia Corp., and LG Energy Solution also saw their shares climb.
NVIDIA's earnings surprise added to optimism around AI and chip stocks.
Despite all this excitement, foreign investors sold off some shares and the Korean won dipped slightly against the dollar.