The KOSPI index surged more than 8% on June 9, recovering from the previous day's sharp decline and approaching the 8100 mark. The rebound was fueled by a significant rise in U.S. semiconductor stocks and a recovery in investor sentiment following a reduction in geopolitical risks in the Middle East, leading to a wave of bargain buying by institutional investors.
According to the Korea Exchange, the KOSPI closed at 8096.93, up 612.52 points (8.18%) from the previous trading day. The index experienced a rapid increase early in the session, triggering a temporary trading halt due to program buying. Although it gave back some gains, buying pressure returned after the lunch break, boosting momentum.
In the securities market, institutions were net buyers of 24.98 trillion won, driving the index higher. In contrast, foreign and individual investors sold a net 2.02 trillion won and 615.2 billion won, respectively.
The market showed strength across various sectors due to the influx of bargain buying, although some differentiation among sectors emerged during the process of digesting the recent volatility.
Notably, the semiconductor sector saw significant gains. Expectations for improved earnings driven by increased investment in artificial intelligence (AI) data centers, combined with bargain buying following recent declines, were supported by the strong performance of U.S. semiconductor stocks.
Samsung Electronics rose 8.97% to close at 322,000 won, while SK Hynix surged 15.91% to finish at 2,215,000 won. Other notable gainers included SK Square, which rose 13.51%, and Hanmi Semiconductor, which increased by 9.07%.
Stocks related to domestic consumption also performed well. Expectations for domestic economic recovery and improved earnings forecasts due to an increase in foreign visitors contributed to gains for Hyundai Department Store (12.25%), Shinsegae (9.09%), A.P. (10.79%), and Amorepacific (6.67%).
Conversely, stocks that had surged recently due to expectations of collaboration with NVIDIA faced profit-taking, resulting in declines. NAVER fell 7.89%, LG Electronics dropped 7.46%, LG CNS decreased by 7.04%, and Hyundai AutoEver declined 8.64%.
The KOSDAQ index also rose, closing at 967.81, up 56.42 points (6.19%) from the previous day. In the KOSDAQ market, foreign and institutional investors were net buyers of 311.3 billion won and 201.4 billion won, while individual investors sold a net 512.1 billion won.
Among the top market capitalization stocks, Alteogen (12.78%), Rino Industry (16.33%), Kolon TissueGene (15.23%), Peptron (6.29%), EcoPro BM (4.95%), EcoPro (2.09%), Rainbow Robotics (2.13%), JUSUNG Engineering (4.87%), and Samchundang Pharm (1.46%) all rose, contributing to the index's rebound.
Lee Kyung-min, a researcher at Daishin Securities, noted, "The domestic market plummeted the previous day due to rising U.S. Treasury yields, a sharp drop in U.S. semiconductor stocks, and escalating military conflicts in the Middle East. However, today, bargain buying has led to a rebound in both the KOSPI and KOSDAQ."
He added, "U.S. semiconductor stocks have recovered from their declines based on expectations for the AI investment cycle, and the easing of tensions between Iran and Israel has also positively influenced investor sentiment."
He further stated, "A rebound is occurring primarily among large semiconductor stocks that had seen significant declines, and the recent concentration on large-cap stocks appears to be easing."
* This article has been translated by AI.
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