SEOUL, July 31 (Yonhap) -- South Korean stocks skyrocketed by a record 18 percent to reclaim the 6,500-point level Friday, driven by robust semiconductor gains as better-than-expected Microsoft earnings eased concerns over artificial intelligence (AI) spending. The local currency rose sharply against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) added 1,001.89 points, or 17.91 percent to close at 6,595.45, sharply rebounding from a three-session deep rout caused by a drop in chipmakers and other AI-related stocks.

It marked the largest single-day gain in the index's history, surpassing the previous record increase of 11.95 percent set on Oct. 30, 2008.

The KOSPI had shed more than 17 percent over the previous three sessions, largely due to anxiety over heavy spending on AI infrastructure.

Investor sentiment, however, improved after Microsoft reported better-than-expected second-quarter earnings overnight, beating forecasts for sales and cloud-computing growth.

brk@yna.co.kr

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