KOSPI Composite Index rebounds on bargain buying; Samsung Electronics and SK hynix up 4–5% [fn Morning Market]

[Financial News] The KOSPI Composite Index is trading higher in early trading as bargain-buying inflows emerge.
As of 10:02 a.m. on the 21st, the KOSPI Composite Index was trading at 5,690.48, up 137.74 points (2.48%) from the previous trading day. It rebounded at the open and briefly touched the 5,700 level.
Foreign investors and institutions both turned buyers. Foreign investors were net buyers of 195.7 billion won, and institutions of 50.7 billion won, while individual investors were net sellers of 475.2 billion won.
Samsung Electronics was up 4.73% and SK hynix 5.64%. Other gainers included SK Square (4.18%), Samsung Electro-Mechanics (1.21%), Samsung Biologics (2.66%), KB Financial Group (0.19%), Samsung Life Insurance (1.27%) and Samsung C&T (3.82%).
By contrast, LG Energy Solution (-1.57%), Hyundai Motor (-1.77%), Shinhan Financial Group (-0.22%) and Kia (-2.76%) were lower.
By sector, electrical and electronics, medical and precision equipment, manufacturing, retail, pharmaceuticals, construction, and electricity and gas were up, while metals, transportation equipment and parts, communications, textiles and apparel, real estate, and nonmetallic minerals were weak.
The inflow of bargain-buying is seen as a response to the KOSPI Composite Index’s 3.73% plunge the previous day. Han Ji-young, a researcher at Kiwoom Securities, forecast, “The market is likely to recoup the previous day’s steep losses, supported by technical buying after the 3%-plus plunge, easing concerns over oil prices and interest rates, and strength in U.S. semiconductor stocks in after-hours trading.”
Han added, “I believe the recent weakness in the domestic stock market compared with other markets stems from supply-and-demand and sentiment-related factors, such as a weakening buying base and declining confidence among market participants. The supply-and-demand environment remains challenging, but this is a time to pay attention to changes in foreign investor flows surrounding the semiconductor sector.”
Meanwhile, at the same time, KOSDAQ (Korea Securities Dealers Automated Quotations) was trading at 789.91, up 7.94 points (1.02%) from the previous session.

[email protected] Seo Min-ji Reporter