stocks-summary

SEOUL, Nov. 2 (Yonhap) -- Seoul stocks rebounded to end over 2 pct higher Monday as investors went bargain hunting for tech heavyweights despite concerns over artificial intelligence (AI) spending. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) closed up 128.34 points, or 2.24 percent, to 5,859.08 after rising as high as 5,910.83.

On Friday, the index had plunged over 3 percent.

"The KOSPI rebounded from a crash as investors reinterpret the disappointing quarterly earnings from Intel and shift their focus to the strong fundamentals of the local semiconductor sector," said Lee Kyoung-min, an analyst from Daishin Securities.

Lee claimed the KOSPI is at a "historic discount," arguing the index could rebound on the back of robust earnings.

South Korea's October exports jumped over 90 percent from a year earlier, led by strong global demand for chips, from which outbound shipments skyrocketed 259 percent on-year.

On Friday (U.S. time), shares of Intel fell over 28 percent on Wall Street after it announced a weaker-than-expected sales guidance for the fourth quarter, citing a slowdown in the PC market.

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