Stock Market on a Roller Coaster Amid Impeachment... Foreigners and Institutions 'Scooping Up' Lead to Sharp Rebound

KOSPI and KOSDAQ have strongly rebounded. Thanks to foreigners and institutions stepping in for bargain hunting. Expectations for China's economic stimulus also contributed to the stock price rebound. However, individuals continue to sell off.

On the 10th, KOSPI closed at 2417.84, up 57.26 points (2.43%) from the previous day.

Institutions bought stocks worth 459.5 billion KRW in the securities market, pushing up the index. Foreigners sold 148.9 billion KRW worth of spot stocks but net bought 733.7 billion KRW worth of KOSPI 200 futures.

On the other hand, individuals sold stocks worth 421.9 billion KRW. Individuals had also net sold 890.8 billion KRW worth the previous day.

Most of the top market cap stocks rose.

Samsung Electronics and SK Hynix rose by 1.12% and 0.89%, respectively. In particular, SK Hynix initially showed a significant decline early in the session due to news of Nvidia facing an antitrust investigation in China, but eventually rose.

Hyundai Motor, Kia, and Celltrion showed strong gains of around 4%. NAVER also rose by 3.72%.

On the other hand, LG Energy Solution and Shinhan Financial Group fell. Korea Zinc continued its intraday volatility and ended slightly lower.

POSCO Holdings rose by 6.9%. Other steel companies like Hyundai Steel (14.07%) and Dongkuk Steel (6.81%) also surged.

It seems that expectations for China's economic stimulus are at play. China is the world's largest consumer of steel, and its economy influences international steel prices. At a Communist Party Central Political Bureau meeting chaired by Chinese President Xi Jinping, it was emphasized that next year's economic policy should implement