Kospi Reclaims 5,550 After SK Hynix Rebounds; Kosdaq Falls 1.62%

South Korea’s Kospi erased a drop of more than 4% on Oct. 23 and finished higher, as semiconductor shares rebounded after news reduced the likelihood of a separate US listing by SK Hynix subsidiary Solidigm. Concerns over the durability of artificial intelligence spending persisted, but chip stocks lifted the benchmark into positive territory.

The Kospi closed up 16.53 points, or 0.3%, at 5,550.3. The index had fallen more than 4% early in the session before buying in semiconductor shares helped it reverse course.

On the main bourse, foreign investors were net sellers of 1.0938 trillion won. Individuals and institutions were net buyers of 233.6 billion won and 795.5 billion won, respectively, helping support the index.

SK Hynix led the rebound. After falling more than 5% early in the session, the stock reversed course on news that Solidigm had halted procedures for a US stock market listing. Shares of SK Hynix ended 4.42% higher, while Samsung Electronics added 0.47%.

Among large-cap stocks, Samsung Biologics jumped 7.71%, while SK Square and Samsung Life Insurance rose 3.2% and 1.45%, respectively. KB Financial Group fell 3.29%, and Samsung Electro-Mechanics, Hyundai Motor and LG Energy Solution also ended lower.

The Kosdaq closed down 12.41 points, or 1.62%, at 751.69. Foreign and institutional investors were net sellers of 29 billion won and 21.4 billion won, respectively, while individuals were net buyers of 46.2 billion won.

Among Kosdaq heavyweights, Ecopro fell 5.83% and Ecopro BM dropped 5.5%. Rino Industrial, Chosun Engineering, Rainbow Robotics and Alteogen also weakened. HLB rose 0.73%.