KOSPI swings after sharp semiconductor sell-off; Kosdaq hits year low

KOSPI closes higher at 6,856.83 after wild swing, Kosdaq hits year low

The benchmark KOSPI staged a dramatic turnaround Tuesday, recovering from an intraday plunge of nearly 5 percent to close 0.73 percent higher as foreign and institutional investors bought battered semiconductor shares. The secondary Kosdaq, however, fell to its lowest close of the year. KOSPI ended at 6,856.83, according to the Korea Exchange. The index opened lower and briefly sank below 6,500 before bargain hunting erased its losses and pushed it back into positive territory. Retail investors sold a net 4.15 trillion won ($2.8 billion) of shares, while foreign and institutional investors purchased a net 951 billion won and 3.23 trillion won, respectively. SK hynix rose 3.69 percent to 1,913,000 won, while Samsung Electronics gained 3.34 percent to 263,000 won. "KOSPI has plunged 19.7 percent in just 14 trading sessions since the start of July, marking its steepest correction since October 2008, when it fell 23.1 percent during the global financial crisis," said Kiwoom Securities analyst Han Ji-young. "Given that even previous major crises unfolded over several months, the latest sell-off

1 hour ago

KOSPI closes higher after wild swing, Kosdaq hits year low

The benchmark KOSPI staged a dramatic turnaround Tuesday, recovering from an intraday plunge of nearly 5 percent to close 0.76 percent higher as foreign and institutional investors bought battered semiconductor shares. The secondary Kosdaq, however, fell to its lowest close of the year. KOSPI ended at 6,856.83, according to the Korea Exchange. The index opened lower and briefly sank below 6,500 before bargain hunting erased its losses and pushed it back into positive territory. Retail investors sold a net 4.15 trillion won ($2.8 billion) of shares, while foreign and institutional investors purchased a net 951 billion won and 3.23 trillion won, respectively. SK hynix rose 3.69 percent to 1,913,000 won, while Samsung Electronics gained 3.34 percent to 263,000 won. "KOSPI has plunged 19.7 percent in just 14 trading sessions since the start of July, marking its steepest correction since October 2008, when it fell 23.1 percent during the global financial crisis," said Kiwoom Securities analyst Han Ji-young. "Given that even previous major crises unfolded over several months, the latest sell-off

2 hours ago

KOSPI tumbles below 7,000 in 'Black Monday' sell-off

KOSPI fell nearly 9 percent to below 7,000 Monday, as a rout in semiconductor shares overshadowed the blockbuster U.S. debut of SK hynix's American depositary receipts (ADRs). SK hynix and Samsung Electronics, which together account for more than 60 percent of KOSPI's market capitalization, plunged 15.37 percent and 10.7 percent, respectively, dragging the index sharply lower. KOSPI closed at 6,806.93, down 8.95 percent from the previous session, according to the Korea Exchange. The sell-off triggered the market's 35th sell-side program-trading curb and seventh circuit breaker of the year. SK hynix ended at 1,845,000 won ($1,228.74), while Samsung Electronics closed at 254,500 won. The sell-off dashed hopes that SK hynix's U.S. listing would help revive the Korean stock market, which has fallen about 27.5 percent from its record intraday high of 9,385.59 set on June 19. SK hynix's ADRs, trading under the ticker SKHY, closed at $168 on Friday, up 12.8 percent from the $149 offering price. The listing surpassed Alibaba's to become the largest U.S. fundraising by a foreign company on record.

1 day ago