PiCK
Kospi Reclaims 6,000 as Samsung Electronics, SK Hynix Jump; Kosdaq Gains More Than 3%
Summary
- The Kospi index surged more than 6% and reclaimed the 6,000 mark.
- Foreign investors bought a net 815.8 billion won and institutions purchased a net 960.8 billion won, driving the rally, while retail investors sold a net 1.8016 trillion won.
- Backed by strong SK Hynix earnings and a shareholder return plan, SK Hynix and Samsung Electronics rose 10.98% and 9.01%, respectively.
South Korea’s Kospi surged more than 6% on Oct. 28, reclaiming the 6,000 mark.
The benchmark index closed up 374.10 points, or 6.63%, at 6,012.44. It was the first close above 6,000 since Oct. 14, ending a 10-session stretch below that level.
The gain was the Kospi’s biggest since July 31, when the index jumped 17.91%. The rally also triggered a buy-side sidecar on the main bourse for a second straight session.
Foreign and institutional investors drove the advance with net buying for a second consecutive trading day. Foreign investors bought a net 815.8 billion won, while institutions purchased a net 960.8 billion won. Retail investors sold a net 1.8016 trillion won.
Strong earnings from SK Hynix and a large shareholder return plan helped fuel the rally. SK Hynix rose 10.98% to close at 1,487,000 won, while Samsung Electronics gained 9.01% to 242,000 won.
The Kosdaq index closed up 27.45 points, or 3.69%, at 771.28.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul