KOSPI rebounds to 5,000 level in a day; Samsung Electronics and SK hynix surge over 6% [Morning Market Brief]

According to The Financial News, the Korea Composite Stock Price Index (KOSPI), which had fallen back to the 4,000 level due to the "Warsh shock," has climbed back above the 5,000 level in just one day.
As of 9:23 a.m. on the 3rd, the KOSPI was trading at 5,144.64, up 194.97 points (3.94%) from the previous session. The index opened at 5,114.81, 165.14 points (3.34%) higher than the previous close, and has continued to extend its gains.
The previous day, global stock markets were shaken by news that former Federal Reserve System (the Fed) Governor Kevin Warsh had been nominated as the next Fed chair. Warsh is considered a monetary policy hawk, which weakened expectations for further monetary easing.
However, sentiment has eased somewhat after the U.S. stock market closed higher across the board overnight. The Dow Jones Industrial Average (DJIA) ended at 49,407.66, up 515.19 points (1.05%) from the previous session. The S&P 500 Index rose 0.54%, and the NASDAQ Composite Index gained 0.56%.
The rebound is also seen as being driven by bargain hunting. The previous day, the KOSPI had plunged 5.26%, while the KOSDAQ Index closed down 4.44%.
In the KOSPI Market, Samsung Electronics and SK hynix are both rallying more than 6%. Samsung Electronics is up 6.05%, and SK hynix is gaining 6.51%. The day before, Samsung Electronics and SK hynix had tumbled 6.29% and 8.69%, respectively.
Other major stocks are also trading strong, including Hyundai Motor Company (up 1.15%), LG Energy Solution (1.71%), Samsung Biologics (0.53%), SK Square (6.14%), and Hanwha Aerospace (4.52%).
Meanwhile, at the same time, the KOSDAQ Index was trading at 1,132.16, up 33.80 points (3.08%) from the previous day. The KOSDAQ started the session at 1,135.94, up 37.58 points (3.42%) from the prior close.

jisseo@fnnews.com Seo Min-ji Reporter