Seoul stocks spike over 4% on sustained tech rally

Seoul stocks surged more than 4% after Alphabet’s second-quarter earnings release, lifting the Korea Composite Stock Price Index by 299.19 points, or 4.4%, to close at 7,096.89. Trading volume was moderate at 392.3 million shares worth 26.7 trillion won (about $18.2 billion). Winners outnumbered decliners 829 to 73 as the Kospi recovered to the 7,000-point level. Analysts cited foreign buying of semiconductors, with offshore investors net purchases for the fourth straight day totaling 2.1 trillion won, while institutional investors added a net 97.5 billion won and retail sold a net 2.2 trillion won. The demand outlook followed Alphabet results showing cloud revenue up 82% year-on-year and plans to expand AI capital expenditures. Oil prices rose after Middle East tensions, with Brent up to $96 per barrel, pressuring sentiment. Samsung Electronics gained 3.65% to 270,000 won and SK hynix rose 4.85% to 1,919,000 won, alongside defense stocks.