South Korean stocks rallied on Tuesday after a two-day selloff, with chip names leading gains and the Korean won easing from a 10-week high. The KOSPI rose over 3% on Tuesday after a 10.5% decline across the prior two sessions; the index is down more than 25% from its June 22 record high. Citigroup analysts said the pullback was driven mainly by foreign equity investors rebalancing and profit-taking, but they believe foreign selling is moderating as signs of dip-buying emerge and that KOSPI valu

South Korean stocks rallied on Tuesday after a two-day selloff, with chip names leading gains and the Korean won easing from a 10-week high. The KOSPI rose over 3% on Tuesday after a 10.5% decline across the prior two sessions; the index is down more than 25% from its June 22 record high. Citigroup analysts said the pullback was driven mainly by foreign equity investors rebalancing and profit-taking, but they believe foreign selling is moderating as signs of dip-buying emerge and that KOSPI valuations are at historically low levels, presenting a buying opportunity.