S. Korea Stocks Rebound After Historic Market Collapse
The turnaround followed easing pressure on global oil prices tied to the ongoing Iran conflict, according to a news agency.
The benchmark KOSPI soared 490.36 points — a gain of 9.63 percent — to close at 5,583.90, while the tech-heavy KOSDAQ surged 137.97 points, or 14.10 percent, finishing the session at 1,116.41.
The rebound arrives just days after a brutal selloff. The KOSPI and KOSDAQ had cratered 12.06 percent and 14 percent respectively on Wednesday, compounding declines of 7.24 percent and 4.62 percent recorded the prior session on Tuesday.
Trading circuit breakers were triggered during the morning session, with the Korea Exchange activating buy-side sidecars on both markets. Under existing rules, the KOSPI sidecar engages when KOSPI 200 futures move beyond 5 percent for a sustained period of at least one minute, suspending program trading orders for five minutes. The KOSDAQ sidecar kicks in when KOSDAQ 150 futures shift more than 6 percent while the KOSDAQ 150 index simultaneously moves beyond 3 percent — both conditions held for at least one minute.
Retail investors drove momentum on the KOSPI through aggressive bargain hunting, while foreign and institutional players led the charge in the KOSDAQ's sharp recovery.
The South Korean won edged stronger against the dollar, settling at 1,468.1 won per dollar as of 3:30 p.m. local time — an improvement of 8.1 won from the prior day's close.
Blue-chip heavyweights powered the rally. Samsung Electronics and memory chip giant SK Hynix posted gains of 11.27 percent and 10.84 percent respectively. Leading automaker Hyundai Motor climbed 9.38 percent, while battery manufacturer LG Energy Solution advanced 6.91 percent.
Biopharmaceutical contract giant Samsung Biologics rose 8.64 percent, and aerospace and defense firm Hanwha Aerospace gained 4.38 percent. Shipbuilding leader HD Hyundai Heavy Industries added 9.39 percent, with energy infrastructure company Doosan Enerbility posting the session's standout sectoral gain at 12.28 percent.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
