KOSPI edges higher as battery, auto gains power market
Korean stocks reversed steep early losses to close slightly higher Monday, as bargain hunting in secondary battery and auto shares offset weakness in semiconductor heavyweights. KOSPI closed at 5,768.01, up 1.76 percent. The benchmark index pared its losses after opening more than 3 percent lower. Stocks attempted to rebound as bargain hunters stepped in, but persistent doubts over the…
Korean stocks rebounded from early losses to close marginally higher on Monday, as bargain hunters in secondary battery and auto shares counteracted a slump in tech giants. The KOSPI index finished the day at 5,768.01, marking a 1.76 percent increase. The benchmark index initially dropped over 3 percent upon opening. Traders attempted a recovery as bargain hunters entered the market, but lingering concerns about the viability of AI infrastructure investments curtailed gains.
Foreign and retail investors collectively sold 37.9 billion won ($28.47 million) and 1.09 trillion won, respectively, whereas institutional investors were net buyers of 574.7 billion won. Samsung Electronics rose 1.16 percent to close at 218,000 won, while SK hynix edged up 0.39 percent to 1,277,000 won. This positive momentum followed Friday's sharp sell-off in AI-related stocks on Wall Street, sparked by renewed doubts about CoreWeave's financial health.
However, bargain hunting broadened its scope to encompass other sectors. Secondary battery stocks experienced significant gains, propelled by news that Chinese energy storage system companies were pulling out of the U.S. market.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- KOSPI edges higher as battery, auto gains power market koreatimes.co.kr
