Kospi rebounds up to 3% as Asia steadies on June 24

Asia opens mixed after a tech-led rout

Asian equities traded mixed on June 24 as investors assessed whether a rebound in technology shares could stabilise sentiment after sharp global losses. The previous session was marked by a tech-led selloff that revived concerns that an artificial intelligence-driven rally had pushed valuations too far, too fast. South Korea’s Kospi became the centre of attention after a circuit breaker was triggered a day earlier. Even as some markets recovered, several benchmarks in the region remained under pressure. Investors also tracked moves in oil prices amid Middle East-related headlines and watched currency dynamics, including the Japanese yen.

Kospi recovers after a circuit-breaker plunge

South Korea’s Kospi rebounded after a historic drop in the prior session. The index was reported to be up around 1.5% in one market update, while another put the gain closer to 3.3%, after it plunged nearly 10% on Tuesday. The Tuesday decline was described as one of the steepest on record and the sharpest one-day fall since March, underscoring how quickly risk appetite deteriorated when global tech shares sold off. Wednesday’s move suggested bargain-hunting in beaten-down names, but trading remained cautious in tone. The scale of the earlier fall kept investors focused on whether the rebound represented stabilisation or just a short-lived bounce.

Chip stocks lead the South Korean rebound

Semiconductor and technology heavyweights led the recovery in Seoul. Samsung Electronics rose strongly, with reports putting the gain at over 9% in one update and around 4% in another, as the broader market recovered part of Tuesday’s losses. SK Hynix gained more than 4% in one account and over 3% in another, following declines of more than 12% the day earlier. Other South Korean technology companies also moved higher, and Japan’s technology sector saw a similar recovery as investors returned to names hit by the prior session’s selling. The swing in chip shares highlighted how quickly positioning can change when markets reassess risk in AI-linked stocks.

Analyst view: a pause, not a fundamental break

Commentary from market watchers stayed measured even as prices bounced. Wedbush Securities analyst Dan Ives said the selloff in South Korean tech stocks was likely a pause rather than a sign of weakening fundamentals. That view aligned with the day’s pattern of selective buying in large, liquid chip names. Still, the renewed focus on stretched valuations remained a recurring theme across regional trading. The rebound did not remove the broader question that had surfaced during the rout: how much further the AI-led trade can run without periodic sharp pullbacks.

Regional scorecard: China edges up, Japan and Taiwan lag

Elsewhere in Asia, moves were mixed. China-linked benchmarks posted modest gains, with the Shanghai Shenzhen CSI 300 up 0.5% and the Shanghai Composite up 0.1% in one update, while Hong Kong’s Hang Seng rose 0.4%. Japan’s Nikkei slipped, reported between 0.2% and 1% lower across different market reads. Taiwan’s Taiex was cited down about 2%, reflecting continued pressure after the global tech selloff. The mixed performance showed that while risk appetite improved in pockets, the region did not rally uniformly.

India outperforms as IT shares and crude help sentiment

Indian equities were among the stronger performers on the day. The Nifty 50 rose about 0.7% and the BSE Sensex gained about 0.8% in one update, and another note cited the Sensex up 550 points with the Nifty near 23,950. Buying in IT shares was highlighted as a key factor behind the rise, alongside lower crude oil prices and foreign institutional investor (FII) buying. Hopes around an India-US trade deal were also mentioned as supportive, together with firmer cues from parts of Asia. The tone in India contrasted with the more cautious recovery seen in several other regional markets.

Oil in focus as Hormuz shipping headlines ease pressure

Energy prices were another driver of risk sentiment. Oil fell amid expectations that tankers may resume transits through the Strait of Hormuz, reducing immediate fears around supply disruptions. Separately, easing tensions in the Middle East was cited as helping improve risk appetite, even as investors stayed wary of technology valuations. The linkage between crude prices, inflation expectations, and equity risk appetite remained visible in intraday moves, particularly in markets sensitive to imported energy costs.

Wall Street’s tech shock still shapes Asia

The backdrop to the Asian session was a sharp selloff in global technology shares. One update said the Wall Street rout erased roughly $1.3 trillion in market value, rattling confidence in the AI trade. Another market note referenced the Nasdaq falling an additional 2% in a second consecutive day of losses. Those moves fed directly into Tuesday’s declines in Asian tech and set the stage for Wednesday’s cautious rebound. Even as some chip shares recovered, investors continued to treat the prior session’s slide as a reminder of how quickly crowded trades can unwind.

Indonesia slides on MSCI review extension

Not all markets participated in the rebound. Indonesia’s Jakarta Stock Exchange Composite Index fell 2.4%, described as the region’s worst performer. The decline followed an update that MSCI extended its review of Indonesia’s equity market and warned it could consider reclassifying Indonesia to frontier-market status if reforms to improve market accessibility and transparency do not show sufficient progress. The move underscored that local market-structure issues can dominate headlines and price action even when broader regional sentiment is improving.

Key market moves at a glance

Why the June 24 moves matter

The session highlighted how quickly sentiment can shift when technology valuations come under scrutiny and global risk assets reprice. South Korea’s sharp swing from a circuit-breaker fall to a strong rebound put the region’s semiconductor complex back at the centre of global equity positioning. In India, the combination of IT-led buying, lower crude, and foreign flows showed how macro inputs can buffer volatility spilling over from global tech. Meanwhile, Indonesia’s decline demonstrated that index-provider reviews and market access concerns can outweigh broader risk-on signals.

Conclusion

Asian markets traded mixed on June 24, but South Korea’s rebound after a near 10% rout helped ease immediate stress following the global tech-led selloff. Investors stayed focused on chip stocks, oil moves tied to Hormuz shipping expectations, and the durability of the AI-linked rally as markets digested the sharp volatility.