On November 13, South Korea's stock market is expected to be influenced by the resignation of NVIDIA CEO Jensen Huang and a surge in international oil prices.
The primary concern for the domestic market today is the uncertainty surrounding NVIDIA's management following Huang's resignation. The company's board announced that Huang has stepped down from his roles as CEO and director, appointing Colette Kress, the Chief Financial Officer and Senior Vice President, as interim CEO.
As a result, NVIDIA's stock price initially plummeted over 13% in early trading due to the management uncertainty but later reduced its losses, closing down 4.34% at $166.19.
At the same time, there was a surge in bargain buying. According to Reuters, individual investors purchased approximately $111 million worth of NVIDIA shares within the first 30 minutes of trading, marking the largest net purchase amount recorded immediately after the opening, according to Bandari Research.
Stocks related to artificial intelligence (AI) also experienced significant fluctuations. Nebius, an AI cloud company partnered with NVIDIA, saw its shares drop 16.84% to $128.64, while CoreWeave fell 6.86% to $56.60. In contrast, competitors AMD and Broadcom rose by 5.86% and 5.54%, respectively.
International oil prices are also a factor to watch. President Donald Trump stated on his social media that "we do not need a deal with Iran," directing Vice President JD Vance, who has been seeking negotiations with Iran, to focus on other matters.
West Texas Intermediate (WTI) crude oil for December delivery closed at $88.74 per barrel, up 2.55% from the previous session. Brent crude for January delivery finished at $95.82 per barrel, a 3.30% increase.
As of 8:34 AM, major KOSPI stocks are rising in pre-market trading, with Samsung Electronics and SK Hynix up 2.16% and 1.52%, respectively.
Han Ji-young, a researcher at Kiwoom Securities, commented, "Despite external pressures such as Huang's resignation, the weak performance of Nebius, and rising interest rates and oil prices, some negative factors have already been priced in, and the influx of bargain buying is likely to limit further declines, leading to a differentiated performance among sectors."
* This article has been translated by AI.
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