Korean stocks opened lower but rebounded, with strong exports boosting bargain buying

Odaily: On Monday, boosted by strong export data that fueled "buy the dip" sentiment in the market, South Korean stocks recovered early losses and turned higher. The KOSPI index rose more than 1% intraday. Earlier, amid market concerns over massive spending by AI companies, South Korean stocks had tracked Wall Street lower and fallen nearly 2% in early trading.

Kiwoom Securities analyst Han Ji-young said: "The stock market has once again entered oversold territory, while fundamentals remain solid and corporate earnings expectations are improving. October export data beat expectations, also raising the possibility that the market will further raise consensus earnings forecasts."

Driven by strong global demand for artificial intelligence investment, which boosted South Korea's chip shipments, South Korea's October exports nearly doubled, marking the largest increase in more than 50 years. A survey showed that due to weakening output and demand, the pace of expansion in South Korea's manufacturing activity in October fell to the lowest level in eight months. South Korean President Lee Jae-myung pledged to invest boldly in artificial intelligence to enhance South Korea's economic growth potential. (Jinshi)