Can SK hynix hit the upper limit? KOSPI surges 17% intraday, nearing its biggest gain ever [fn Afternoon Market Report]

[Financial News] South Korea's stock market is racing toward its biggest gain ever as explosive buying, led by semiconductor shares, pours in. Just two days after circuit breakers were triggered on consecutive days for the first time in history, the market has flipped sharply in the opposite direction and is extending its record rebound.
As of 1:23 p.m. on the 31st, the KOSPI was up 840.21 points, or 15.02%, from the previous session at 6,433.77. During the session, it jumped as high as 6,548.64, briefly rising 17.07%. If it closes at this level, it will set a new record for the largest gain on a closing basis.
The KOSDAQ was also trading at 709.96, up 65.18 points, or 10.11%.
The rebound was led by foreign investors. In the Korea Exchange Main Board, foreigners had bought a net 5.9703 trillion won as of that time. By contrast, retail investors sold a net 5.5232 trillion won, taking profits, while institutions sold a net 378.9 billion won. Foreign buying was expanding further from the early session.
SK hynix was trading at 1,682,000 won, up 27.23%, and came close to hitting the upper limit. Samsung Electronics was also up 21.74% at 252,000 won, posting a gain of more than 20%.
Brokerage analysts said the rally was driven by strong results from U.S. Big Tech and rising expectations for expanded investment in Artificial Intelligence (AI). They added that the perception that much of the recent deleveraging had already run its course also helped fuel foreign buying. In addition, bargain hunting intensified as stocks became more attractive after the excessive declines seen through the previous day.
An industry source said, "This rebound is not explained solely by improving fundamentals. It also reflects a strong technical correction after excessive deleveraging." The source added, "Because the market is swinging from a crash to a surge, we should be more concerned that volatility itself has moved outside a normal range than focus only on the index's rise."

[email protected] Choi Du-seon Reporter