KOSPI 7,516.04 closes with Samsung Electronics rebounding

The KOSPI 18 finished 22.86 points, or 0.31%, higher than the previous trading session, closing at 7,516.04. After sharp swings early in the session, it returned to positive territory in the afternoon. At the close, it recovered the 7,500 level.

The index opened 0.67% lower at 7,443.29. Losses deepened early in the session, and at one point it fell to the 7,142 level.

At 9 a.m. 19, a sell-sidecar was triggered. A sell-sidecar temporarily halts program selling when futures prices fall sharply. Its activation indicates that the market was falling quickly early in the session.

After individual investors and institutions stepped in to buy, the index narrowed its losses. Foreign investors3 trillion 6,000won worth, but domestic demand supported the index. Samsung Electronics and SK hynix also turned higher, helping the index recover.

Samsung Electronics rebounded intraday, showing the “28-won Samsung” trend. SK hynix also rose, turning the direction of the index as large-cap semiconductor stocks gained. After plunging early in the session, the KOSPI ended trading slightly higher.

South Korea’s stock market came under pressure early in the day amid a sharp rise in U.S. Treasury yields. In the latter part of the session, however, losses narrowed and trading steadied. The KOSPI opened lower but finished the day higher.