Kospi Rebounds 2.52% to 8,410 a Day After Record 910-Point Rout

South Korea’s Kospi rebounded a day after suffering its largest one-day point drop on record.

As of 9:01 a.m. on June 24, the benchmark index had risen 206.58 points, or 2.52%, to 8,410.42. The Kospi slumped 910 points, or 9.9%, on June 23 as a semiconductor selloff triggered its biggest daily point loss.

U.S. stocks also fell overnight, with Micron dropping more than 13%, as profit-taking in chip shares and concerns about further monetary tightening by the Federal Reserve weighed on sentiment. In Seoul, however, bargain hunting lifted the Kospi.

At that time, retail investors and institutions were net buyers of 451.9 billion won and 221.7 billion won, respectively, on the main board. Foreign investors were net sellers of 734.9 billion won.

The country’s two chip heavyweights turned higher. Samsung Electronics rose 3.23%, while SK Hynix added 1.49%. Early in the session, Samsung’s market capitalization, at about 1,870 trillion won, moved back ahead of SK Hynix at 1,848 trillion won.

The Kosdaq was little changed. As of that time, the tech-heavy index was down 0.1% at 890.66. On the Kosdaq market, foreign investors were net sellers of 83.1 billion won, while institutions and retail investors were net buyers of 49.8 billion won and 32.6 billion won, respectively.

The won edged higher against the dollar. In Seoul trading, it opened at 1,534.9 per dollar, up 4.2 won from the previous session.

Noh Jung-dong, Hankyung.com reporter, dong2@hankyung.com