The KOSPI rebounded 0.73% to 6,856.83 as foreign and institutional buyers scooped up semiconductor stocks after Monday’s 8.95% crash, while the KOSDAQ sank to a fresh year low. The Bank of Korea decides rates on Thursday.
Korea’s KOSPI plunged 8.95% to 6,806.93 on Monday, triggering the year’s seventh circuit breaker, as SK hynix fell 15.4% and Samsung Electronics 10.7% on Middle East tensions and a leveraged-ETF flow shock.
The KOSPI rose 2.52% and the KOSDAQ jumped 5.47% as a US chip rally and seven-times-oversubscribed demand for SK hynix’s Nasdaq ADR listing fired up sentiment, triggering buy-side sidecars. Institutions bought the dip while retail and foreign investors sold.
The KOSPI closed up 0.62% at 7,291.91 after an extreme intraday swing of roughly 480 points. SK hynix surged 5.3% on US ADR listing hopes while institutions absorbed about $880 million of retail selling.