Shaken KOSPI Holds Above 9,000 as SK hynix Strength Eases Losses [fn Closing Market Report]

[Financial News] KOSPI briefly hit a fresh all-time intraday high before swinging sharply, but it held above the 9,000 level thanks to support from major semiconductor stocks such as SK hynix.
According to the Korea Exchange (KRX) on the 19th, KOSPI closed at 9,052.42, down 11.42 points, or 0.13%, from the previous session.
The index opened 2.48% higher at 9,288.89 and surged to 9,385.59 in early trading, setting a new intraday record.
It later turned lower as profit-taking orders flooded in and at one point fell to 8,831.72. The day’s trading range between the high and low exceeded 553 points, underscoring the volatility, but the index still finished above 9,000.
Individual investors stepped in to defend the market, buying a net 1.6866 trillion won worth of KOSPI shares. Foreign investors and institutions, meanwhile, sold a net 388.4 billion won and 1.2341 trillion won, respectively. 
Movements among the largest stocks were mixed. Samsung Electronics, the market’s No. 1 stock by market capitalization, fell 1.38% to close at 357,500 won, weighing on the index. In contrast, SK hynix, the No. 2 stock, rose 3.35% to 2.775 million won and helped support the market’s downside. SK hynix also set a new all-time intraday high during the session.
Elsewhere, SK Square rose 5.29%, Samsung Electro-Mechanics gained 2.23%, and Hyundai Motor Company edged up 0.17%. Hanmi Semiconductor, however, fell 5.71%.
Analysts said the fundamental reason the market struggled was a disruption in domestic supply and demand unique to the local stock market.
Han Ji-young, a researcher at Kiwoom Securities, said, "In the short term, there is growing concern over the concentration of gains and stronger profit-taking pressure following this week’s sharp rally in KOSPI." She added, "It is only a matter of time before supply-demand issues and technical overheating are resolved, and they will not undermine the market’s upward trend." He also said, "It would be appropriate to maintain existing stock holdings or consider entering other leading sectors outside semiconductors that have fallen too far."
The KOSDAQ Index closed at 966.59, down 34.34 points, or 3.43%, from the previous session, losing the 1,000 mark. The index opened 0.05% higher at 1,001.40, but quickly turned lower and at one point dropped to 946.15. The widening gap between KOSPI and KOSDAQ highlighted the market’s diverging tone.

fair@fnnews.com Han Young-joon Reporter