The domestic stock market closed higher, buoyed by eased concerns over artificial intelligence (AI) investments and an influx of bargain buying. The KOSPI regained the 5660 level, while the KOSDAQ surged more than 4% for a relatively strong performance.
On October 16, the Korea Exchange reported that the KOSPI finished at 5668.05, up 113.83 points (2.05%) from the previous trading day.
In the securities market, individual and foreign investors sold a net 484.6 billion won and 341 billion won, respectively, while institutions purchased a net 683.3 billion won.
Most of the top market capitalization stocks saw gains. Samsung Electronics rose 2.62%, SK Hynix increased by 0.79%, Samsung Electronics preferred shares climbed 5.09%, SK Square gained 2.48%, LG Energy Solution was up 0.12%, Samsung Electro-Mechanics rose 2.15%, Hyundai Motor surged 5.58%, Samsung Biologics increased by 4.09%, KB Financial gained 2.11%, and Samsung Life rose 4.61%.
The KOSDAQ index closed at 794.78, up 33.96 points (4.46%) from the previous trading day.
In the KOSDAQ market, individual and foreign investors sold a net 90.5 billion won and 92.9 billion won, respectively, while institutions bought a net 167.5 billion won.
During the trading session, the KOSDAQ index experienced a sharp rise, triggering a buying sidecar. The Korea Exchange suspended the effectiveness of program trading buy orders for five minutes at 12:55:23 PM, as the KOSDAQ 150 futures price rose 6.02% and the KOSDAQ 150 spot index increased by 5.65% compared to the previous trading day. This followed the activation of a selling sidecar and circuit breaker the day before, highlighting extreme volatility.
Top market capitalization stocks also rose across the board. Alteogen increased by 9.60%, EcoPro rose 0.62%, EcoPro BM gained 0.94%, JUSUNG Engineering was up 2.93%, Rainbow Robotics increased by 2.03%, HLB rose 2.33%, IOTechniques gained 5.91%, Rino Industrial increased by 5.36%, Wonik IPS rose 6.13%, and Simtech was up 1.93%.
The domestic stock market rose as a rebound from recent declines attracted buying interest. Jensen Huang, CEO of NVIDIA, mentioned that the financial conditions of AI infrastructure company CoreWeave are improving, which is believed to have eased some concerns regarding AI investments.
Wall Street's cautious evaluation of China's ChangXin Memory Technologies' plans for next-generation DRAM technology commercialization also helped alleviate fears of intensified competition in the semiconductor sector. However, amid an unstable supply-demand environment, the market showed volatility, giving back some of the intraday gains.
Lee Kyung-min, a researcher at Daishin Securities, stated, "The domestic stock market showed a rebound due to the recent decline, and while concerns regarding AI were somewhat alleviated by Jensen Huang's comments, the rebound in large-cap semiconductor stocks was limited, highlighting the relative strength of the KOSDAQ compared to the KOSPI."
* This article has been translated by AI.
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