The South Korean benchmark index, Kospi, rose by 6%, with chip stocks following the overnight gains of the US stock market.

As South Korean chip stocks followed similar stocks on Wall Street higher overnight, the KOSPI rose by as much as 6%, with a cumulative rebound of over 9% in two days. SK Hynix's stock price rose by over 8%, boosting the index; Samsung Electronics and SK Square also led the way. Kiwoom Securities analyst Han Jiyoung said that while it is too early to determine that foreign investors have changed direction to become net buyers, the process of taking profits and reducing exposure to South Korea may be coming to an end. Han added that investors' attention will turn to Alphabet's earnings report.