Volatile South Korean shares soar on renewed semiconductor buying

SINGAPORE: South Korean shares soared 16 per cent in early trade on Friday (Jul 31) off the back of a fresh surge of investment into global semiconductor stocks, the latest swing in a market being tossed back and forth by leveraged bets.The benchmark KOSPI jumped 919.07 points, or 16.43 per cent, to 6,512.63 by 1.15am GMT, rebounding after three consecutive sessions of losses that took the index to its lowest level since Apr 7.Samsung Electronics shares rose as much as 26.3 per cent, and SK Hynix stock gained as much as 29.7 per cent, with both chipmakers set to post record daily gains. The two chipmakers account for more than half of the KOSPI by market capitalisation.The stunning turnaround came after the Philadelphia Semiconductor Index surged 8 per cent in the US on Thursday, with chip