Samsung, SK hynix near end of buybacks, leaving KOSPI without clear buyer

Korea's stagnant stock market may soon lose a source of stability as two major firms approach the end of their share buyback programs, according to recent reports. Samsung Electronics and SK hynix are both closing in on their targeted repurchase amounts, with the cumulative value of their purchases nearing $7.41 billion and $24.39 billion, respectively.

Both companies had planned to continue their buybacks until the end of November, but their current pace suggests completion by mid-October. Samsung Electronics has been purchasing an average of approximately 2 million shares daily, which, if maintained, could lead to the completion of the buyback in six to eight weeks. The absence of these key players in the market could leave the KOSPI without a clear source of support, potentially impacting investor confidence and market stability.