Intraday plunge narrows from -4.3% to -0.7%... KOSPI trims losses to the 6,650 level [Financial News afternoon market report]

[Financial News] The KOSPI, which had fallen more than 4% in early trading, recovered most of its losses in the afternoon and climbed back above the 6,650 level. Samsung Electronics and SK hynix rebounded quickly from their intraday lows, helping lift the index. The KOSDAQ turned higher.
As of 1:11 p.m. on the 25th, the KOSPI stood at 6,650.92, down 46.04 points, or 0.69%, from the previous session. The index opened at 6,535.93, down 161.03 points, or 2.40%, and at one point fell as low as 6,408.82. Although losses had widened to 4.30% at one stage, bargain hunting later came in, pushing the index up more than 240 points from its intraday low.
The declines in large-cap stocks, which had weighed on the market through the morning, also narrowed sharply. The large-cap index was down 0.70%, while mid-cap and small-cap stocks were each up 0.68%, showing a clear shift from the early session. On the Korea Exchange Main Board, advancing issues outnumbered decliners 525 to 340.
At the center of the rebound were Samsung Electronics and SK hynix. Samsung Electronics was trading at 254,000 won, down 1.17% from the previous session. It had fallen to 245,000 won early in the day, more than 4% lower, but had since recovered 9,000 won from that low.
SK hynix was down 2.57% at 1,628,000 won. The stock had dropped to 1,557,000 won earlier in the morning, but it has since recovered more than 70,000 won from that low. Its decline, which had exceeded 5% at the start of trading, has narrowed to the 2% range.
The sharp early-session selloff was triggered by weakness in U.S. semiconductor stocks overnight. The Philadelphia Semiconductor Index (SOX) fell 2.70%, while Micron Technology, SanDisk and Seagate Technology plunged 5.83%, 6.45% and 6.51%, respectively. NVIDIA, which is set to report earnings on the 27th, also fell 2.91%, extending its losing streak to seven straight sessions. SK hynix's American Depositary Receipt (ADR) also dropped 4.92%.
The KOSDAQ turned higher. At the same time, the KOSDAQ stood at 815.38, up 2.05 points, or 0.25%, from the previous session. It opened lower at 806.93 and at one point slipped to 781.89, but later rebounded to reclaim the 815 level. From its intraday low, it was up more than 4%.


[email protected] Choi Du-seon Reporter