South Korean stocks opened lower but rebounded, with strong exports boosting bargain hunting.

BlockBeats news, November 2, Monday — South Korean stocks recovered early losses to turn higher, buoyed by strong export data that boosted "buy-the-dip" sentiment. The KOSPI index rose more than 1% intraday, after earlier falling nearly 2% as Korean shares tracked Wall Street lower amid market concerns over massive AI corporate spending. Han Ji-young, an analyst at Kiwoom Securities, said: "The stock market has once again entered oversold territory, while fundamentals remain solid and corporate earnings expectations are improving. October export data beat expectations, also raising the possibility of further upward revisions to earnings consensus."

Driven by strong global AI investment demand that boosted South Korean chip shipments, South Korea's October exports nearly doubled, marking the largest increase in more than 50 years. A survey showed that South Korea's manufacturing activity growth slowed to an eight-month low in October, weighed down by weakening output and demand. South Korean President Lee Jae-myung pledged bold investment in artificial intelligence to boost the country's economic growth potential.