South Korea's Kospi Surges 7% Led by SK Hynix Amid Positive Asian Market Trends

Asian stock markets showed broad gains, led by South Korea's Kospi index, which jumped 7.2%, driven by strong performance in the semiconductor sector. SK Hynix shares soared nearly 12%, while Samsung Electronics rose 7%. Hanmi Semicon, a semiconductor equipment supplier, surged 27% after reporting a 51% increase in operating profit for Q2, surpassing analyst expectations with an operating margin exceeding 50% for the first time. Japan's Nikkei index gained 0.9%, led by a 9% rise in Lasertec, a chipmaker, and a 5% increase in Nomura Holdings in the banking sector. In Hong Kong, the Hang Seng index rose 1.4%, with pharmaceutical companies Innovent Biologics and Sino Biopharmaceutical climbing 8.6% and 4.7%, respectively. Lenovo and Tencent also advanced by 3.8% and 3.2%. Meanwhile, China's economy grew 4.3% year-on-year in Q2, below the 4.5% forecast and the government's 4.5%-5% target, marking the slowest pace since 2022. Quarterly growth slowed to 0.9% from 1.3% in Q1. Fixed asset investment fell sharply by 5.7% annually, worse than expected, while industrial production rose 5.3%, beating forecasts. Retail sales increased 1%, defying expectations of a decline. The unemployment rate slightly decreased to 5% in June from 5.1% in May. Additionally, US military strikes continued against targets in Iran overnight following the reimposition of a blockade on Iranian ports announced by President Trump.