KOSPI Reclaims 5,500... “Hynix Rebounds as Concerns Over Duplicate Listing Ease” [fn Closing Market Wrap]

[Financial News] The KOSPI, which had fallen by as much as 4% in the morning, fluctuated before closing higher. Despite concerns over AI investment, semiconductor stocks led a rebound as worries about a duplicate listing involving Solidigm, an indirect subsidiary of SK hynix, eased.
On the 23rd, the KOSPI closed at 5,550.30, up 16.53 points (0.30%) from the previous trading day. The index opened at 5,403.17, down 130.60 points (2.36%), and fell as much as 4.12% to 5,305.98 early in the session. But it steadily narrowed its losses in the afternoon and managed to turn higher with 20 minutes left before the close.
On the main board, foreign investors recorded net sales of about 983 billion won, while retail investors and institutions made net purchases of 45 billion won and 869 billion won, respectively.
SK hynix led the index’s reversal. After falling more than 5% early in the session, SK hynix rebounded sharply, closing up 4.42%, after announcing it would suspend the process of listing Solidigm on the U.S. stock market. Samsung Electronics also closed slightly higher, up 0.47%.
Among other large-cap KOSPI stocks, Samsung Biologics (7.71%), SK Square (3.2%) and Samsung Life Insurance (1.45%) rose. By contrast, KB Financial Group (-3.29%), Samsung Electro-Mechanics (-2.01%), Hyundai Motor Company (-1.99%), LG Energy Solution (-1.79%) and Samsung C&T Corporation (-0.17%) fell.
The KOSDAQ closed at 751.69, down 12.41 points (1.62%).
The KOSDAQ opened at 748.32, down 15.78 points (2.07%), then at one point plunged to 737.87, a 4.09% decline, before recovering some of its losses in the afternoon.
In a report that day, Ryu Seung-min, a researcher at Samsung Securities Co., Ltd., wrote, “‘The AI investment peak theory’ is an abstract notion reflecting concern, with no substance,” and added, “If confidence in the durability of the AI investment cycle gains traction, South Korea’s stock market could recover to the price-to-book ratios accorded to other countries.”
[email protected] Joo Won-gyu Reporter