Strong performance in U.S. semiconductor stocks and expectations for SK Hynix's American Depositary Receipts (ADRs) boosted investor sentiment in South Korea's stock market. With significant net buying from institutions, both the KOSPI and KOSDAQ closed higher, triggering a buying sidecar in both markets.
On July 10, the Korea Exchange reported that the KOSPI closed at 7,475.94, up 184.03 points (2.52%) from the previous trading day. The index opened at 7,552.49, rising by 260.58 points (3.57%) at one point during the session.
As buying pressure intensified, a program buying halt (buying sidecar) was activated in the securities market at 12:54 PM. This mechanism temporarily suspends the effectiveness of program buy orders for five minutes if the KOSPI 200 futures rise by more than 5% for one minute compared to the previous trading day.
This was the 17th activation of the buying sidecar this year, bringing the total number of activations, including selling sidecars, to 34.
In the securities market, institutions led the index's rise with a net purchase of 1.1319 trillion won. In contrast, individual and foreign investors sold off 772.9 billion won and 330 billion won, respectively, to realize profits.
Lee Kyung-min, a researcher at Daishin Securities, stated, "The domestic stock market showed strong performance due to positive news related to semiconductors, recovering investor sentiment. SK Hynix is set to list on the Nasdaq tonight at an offering price of $149, expected to raise around 40 trillion won. The solid investment demand confirmed supports semiconductor investment sentiment and exerts upward pressure on the stock market."
Most of the large-cap stocks closed higher, including Samsung Electronics (up 2.70%), SK Hynix (up 0.27%), SK Square (up 5.35%), Samsung Electro-Mechanics (up 6.16%), Hyundai Motor (up 2.58%), LG Energy Solution (up 3.99%), Samsung Life Insurance (up 3.99%), KB Financial (up 8.17%), and Samsung Biologics (up 5.58%).
The KOSDAQ index closed at 837.43, up 43.43 points (5.47%) from the previous trading day, having started at 807.00 and expanded its gains.
A buying sidecar was also activated in the KOSDAQ market at 1:08 PM, marking the 12th activation of the buying sidecar this year, and the 19th when including selling sidecars. This mechanism is triggered when the KOSDAQ 150 futures rise by more than 6% and the KOSDAQ 150 index increases by over 3% for one minute.
In the KOSDAQ market, institutions recorded a net purchase of 582.5 billion won, while individual and foreign investors sold off 424.6 billion won and 159.8 billion won, respectively.
Among large-cap stocks, Alteogen (up 8.50%), EcoPro BM (up 9.42%), EcoPro (up 7.93%), JUSUNG Engineering (up 8.35%), Rainbow Robotics (up 5.57%), Kolon TissueGene (up 3.55%), Wonik IPS (up 18.11%), Rino Technology (up 8.14%), and PSK (up 25.62%) showed upward trends. In contrast, HLB fell by 29.89%, reflecting a contrasting trend.
* This article has been translated by AI.
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