SEOUL, March 5 (AJP) – An epic rebound followed an epic downfall for South Korean shares as they opened Thursday 12 percent, instantly erasing the largest-ever collapse of the same scale a day earlier.
As of 9:23 a.m., the benchmark KOSPI soared 11.5 percent to 5,684.53, while the tech-heavy KOSDAQ climbed 11.45 percent to 1,090.52. After two consecutive sessions that triggered sell-side sidecars, the opposite sidecar — on the buy side — was activated shortly after the opening bell.
Retail and foreign investors piled in in full force, bargain-hunting after the main bourse shed nearly 20 percent over the previous two sessions. Individuals were net buyers of 277.9 billion won ($206 million), while foreigners purchased a net 600.5 billion won.
Their buying centered on heavyweight stocks that had become sharply cheaper during the two-day rout.
Samsung Electronics surged 13.59 percent to 195,600 won, while SK hynix jumped 15.19 percent to 978,000 won, extending strong gains among semiconductor bellwethers.
Automakers also advanced sharply. Hyundai Motor climbed 14.57 percent to 574,000 won, while affiliate Hyundai Mobis rose 9.77 percent to 438,000 won and Kia gained 9.76 percent to 172,000 won.
Battery and defense stocks joined the rebound. LG Energy Solution added 8.06 percent to 375,500 won, while Hanwha Aerospace edged up 2.95 percent to 1,362,000 won.
Financial shares also rallied, with KB Financial Group rising 10.09 percent to 151,600 won, Shinhan Financial Group gaining 7.66 percent to 95,600 won, and Samsung Life Insurance climbing 8.61 percent to 214,500 won.
Market breadth underscored the strength of the rebound. On the main KOSPI board, gainers overwhelmed losers 899 to 20. On the KOSDAQ, 1,660 stocks advanced versus just 59 decliners.
The Korean won also strengthened on renewed foreign inflows, with the dollar slipping 2.80 won from overnight to trade at 1,460.70 won.
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