KOSPI Rises on Nvidia Earnings, Curbed by Rate Hike; Samsung, SK Hynix Up 1-2%

The KOSPI closed at 6912.37 on August 27, up 1.53% from the previous session, but failed to reclaim the 7000 level due to a domestic interest rate hike decision, despite an early boost from Nvidia's earnings surprise. The index initially rose over 2% following Nvidia's strong quarterly results, which showed a 106% year-on-year revenue increase to $96.22 billion. However, gains narrowed after the Bank of Korea raised its benchmark rate by 0.25 percentage points to 3%, with Samsung Electronics and SK Hynix closing up only 1.72% and 2.49% respectively. Analysts noted the rate hike and upcoming Jackson Hole meeting, where Federal Reserve Chair Kevin Warsh is expected to signal further tightening, dampened investor sentiment. Foreign and institutional investors bought shares while individuals sold for profit-taking.