KOSPI Swings 10% in a Day... Buy Sidecar Triggered [fn Closing Market Report]

[Financial News] The KOSPI closed sharply higher after a buy sidecar was triggered intraday. In contrast, the KOSDAQ only recovered its early losses and ended the session flat. Buying centered on semiconductor heavyweights such as Samsung Electronics once again highlighted the widening gap between the KOSPI and KOSDAQ.
According to the Korea Exchange on the 3rd, the KOSPI finished at 8,088.34, up 440.25 points, or 5.76%, from the previous session.
The KOSPI opened up 91.66 points, or 1.20%, but early foreign selling widened and at one point pushed the index down 269.99 points, or 3.53%. It then reversed course as large-scale buying came in, led by institutions, and the gains expanded to as much as 488.19 points, or 6.38%, in the afternoon, triggering a buy sidecar.
The KOSDAQ index ended the day at 868.41, up 1.69 points, or 0.19%, from the previous session.
At one point, the KOSDAQ fell nearly 5% and dropped to the low 820s, but it later recovered most of those losses. Still, compared with the KOSPI's gain of more than 5%, its upward momentum was limited, underscoring the clear divergence between the two markets.
Among the largest-cap stocks, semiconductor giants led the rebound, with Samsung Electronics rising 8.22% and SK hynix climbing 10.88%.
On the supply-and-demand side, institutions posted net purchases of more than 44.599 billion won in the Korea Exchange Main Board, driving the index higher. Foreign investors recorded net sales of 219.14 billion won, while retail investors also showed a net selling position of 231.04 billion won.

dschoi@fnnews.com Choi Du-seon Reporter