“Today Is a Red Day”... KOSPI Rebounds in the 3% Range as Investors Buy Semiconductor Stocks on the Dip [fn Morning Market Update]

[Financial News] The KOSPI is rebounding in the 3% range as bargain-hunting flows into large-cap semiconductor stocks. Improved investor sentiment, following a sharp overnight rally in U.S. semiconductor stocks, has triggered buy-sidecars in both the KOSPI and KOSDAQ markets.
According to the Korea Exchange (KRX), as of 10:55 a.m. on the 10th, the KOSPI was trading at 5,214.80, up 195.95 points (3.90%) from the previous trading day. It opened at 5,247.22, up 228.37 points (4.55%) from the previous session.
In the KOSPI Market, foreign investors and institutions were net buyers of 158.2 billion won and 210.7 billion won, respectively. Other corporations were also buying 168.4 billion won worth of shares. Individuals, by contrast, were the only net sellers, offloading 533.6 billion won.
Among the largest stocks by market capitalization, semiconductor-related shares were broadly stronger, including Samsung Electronics Co., Ltd. (4.84%), SK hynix (6.07%), Samsung Electronics Co., Ltd. Preferred Shares (5.63%) and SK Square (4.57%). LG Energy Solution (4.56%), Samsung Electro-Mechanics (4.63%), Hyundai Motor Company (2.21%) and KB Financial Group (1.72%) were also higher. Samsung Biologics, however, was down 2.72%.
The domestic market’s rebound today is seen as the result of bargain hunting after recent steep losses coinciding with strength in U.S. semiconductor stocks. Earlier, on the 9th (local time), buying flowed into technology stocks on the New York stock market, with the PHLX Semiconductor Sector (SOX) surging in the 6% range. The domestic market also appeared to be recovering some of its losses after the KOSPI fell more than 11% last week.
Amid the sharp rise, a buy-sidecar was triggered in the KOSPI Market at around 9:06 a.m. today, suspending the effectiveness of program buy orders for five minutes. At the time, KOSPI 200 futures stood at 821.04, up 5.76% from the base price. A buy-sidecar was also triggered in the KOSDAQ market at around 9:10 a.m.
At the same time, the KOSDAQ was trading at 666.06, up 27.09 points (4.24%) from the previous trading day. It opened at 661.73, up 22.76 points (3.56%) from the previous session.
In the KOSDAQ market, institutions were net buyers of 98.1 billion won. Foreign investors and individuals, by contrast, were net sellers of 78.1 billion won and 4.7 billion won, respectively. Other corporations were also selling off 15.1 billion won worth of shares.

[email protected] Im Sang-hyeok Reporter