South Korean stocks open lower but rally, as strong expor

South Korean stocks opened sharply lower but reversed to close higher on Monday, November 2, as the KOSPI index climbed more than 1% intraday after falling nearly 2% early in the session on Wall Street-led weakness tied to concerns over heavy AI corporate spending. The rebound was driven by strong export data: October exports nearly doubled, posting the largest increase in over 50 years, fueled by robust global AI investment demand lifting Korean chip shipments. Kiwoom Securities analyst Han Ji-young said the market had re-entered oversold territory while fundamentals remain solid and corporate earnings expectations are improving, with the export beat raising the likelihood of further upward revisions to consensus earnings estimates. However, a separate survey showed October manufacturing activity growth slowed to an eight-month low on weaker output and demand. President Lee Jae-myung pledged bold investment in artificial intelligence to boost Korea's growth potential. Watch for whether the export strength translates into earnings upgrades and whether the KOSPI can hold its recovery amid ongoing AI spending concerns.