Samsung, SK Hynix Boost Kospi Amid Weak Wall Street Futures

Samsung Electronics and SK Hynix rose as the Kospi increased 1.25% to 7083.84 in Seoul, following a more than 4% gain on Monday. This rally occurs despite Wall Street facing a challenging opening after Labor Day, with futures indicating a rough start. The 10-year Treasury yield reached its highest level since November 2023, while the 2-year note hit a January 2025 high, raising concerns about persistent inflation and its impact on Federal Reserve policy. Samsung gained 1.48% to 274000 won, and SK Hynix surged 3.65% to 1848000 won. Other notable gains included Korea Electric Power Co. up 3.82% and SK Innovation up 1.6%. In contrast, Hyundai Motor and LG Energy Solution declined. The won strengthened to 1338.55 per dollar. Japan's Nikkei 225 fell 0.95%, while the Kosdaq Index rose 0.46%. The chip sector's performance is seen as a bright spot amid geopolitical tensions and rising energy costs, which are fueling inflation concerns ahead of upcoming economic reports. Traders are anticipating a 60% chance of a quarter-point rate hike by the Federal Reserve at next week's meeting.

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