SK hynix’s Late Surge Helps KOSPI Settle Above 6,700 [Financial News Closing Market Report]

[Financial News] The KOSPI Composite Index settled above 6,700 after gaining strength just before the close. The index was lifted by reports that SK hynix is discussing cooperation with Intel.
According to the Korea Exchange (KRX) on the 16th, the KOSPI Composite Index closed at 6,717.97, up 90.71 points, or 1.37%, from the previous trading day. It opened at 6,611.24, down 16.02 points, or 0.24%, from the previous session’s close, fluctuated throughout the day, and then surged shortly before the market closed.
On the main bourse, other corporations, whose purchases were centered on share buybacks, posted net purchases of 1.6572 trillion won. Institutional investors also bought 1.2114 trillion won worth of shares. By contrast, foreign investors and institutions posted net sales of 1.6817 trillion won and 1.1853 trillion won, respectively.
Among the largest stocks by market capitalization, SK hynix closed up 4.08%, showing strong performance. It opened at 1.69 million won, down 1.28%, then turned higher during the session and maintained gains in the 2% range before rising to the 4% range just before the close. The move was attributed to foreign media reports that SK hynix is negotiating with Intel to produce memory chips in the United States.
Along with SK hynix, other large artificial intelligence-related stocks, including Samsung Electronics, up 2.01%, Samsung Electro-Mechanics, up 4.86%, and SK Square, up 2.00%, also finished higher. Hyundai Motor, down 1.36%, Samsung Biologics, down 0.21%, Samsung Life Insurance, down 0.70%, Hanwha Aerospace, down 0.75%, and Doosan Enerbility, down 2.78%, declined.
Although most sectors weakened, electrical and electronics, up 2.81%, manufacturing, up 1.92%, medical and precision instruments, up 1.75%, and retail, up 1.01%, advanced and drove the index higher. Construction, down 2.37%, IT services, down 2.16%, entertainment and culture, down 1.67%, and transportation equipment and parts, down 1.66%, fell.
The KOSDAQ closed at 815.98, up 3.57 points, or 0.44%, from the previous session. It opened at 808.37, down 4.04 points, or 0.50%, from the previous trading day, and fell as much as 1.39% to 801.12 during the session before turning higher shortly before the close.
On the KOSDAQ, institutional investors and individual investors bought 17.7 billion won and 12.3 billion won worth of shares, respectively. Foreign investors, meanwhile, sold 28.5 billion won worth.

[email protected] Lim Sang-hyuk Reporter