[Closing Market] KOSPI Rebounds Sharply Above 6,850
The domestic stock market succeeded in a record-breaking comeback on Aug. 20, driven by the explosive strength of the ‘top two’ semiconductor giants and a massive buying spree by foreign investors. In a dramatic trading session that triggered a Program Trading Buy Sidecar, completely reversing the p
On August 20, the domestic stock market, the KOSPI, made an extraordinary comeback, surging above the 6,850 mark. This remarkable turnaround was primarily driven by the strong performance of the two largest semiconductor companies and a massive buying spree from foreign investors. The dramatic trading session triggered a Program Trading Buy Sidecar, swiftly reversing the previous day's market crash.
SK hynix's announcement of cancelling 40 trillion won worth of shares and the stabilization of long-term U.S. Treasury yields acted as key catalysts for this surge. The KOSPI index closed at 6,852.58, a staggering 381.41 points (5.89%) increase from the previous day. The foreign investor-led buying spree dominated the market, resulting in a net buying advantage of 2.2991 trillion won ($1.65 billion) for foreigners in the KOSPI market alone.
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