[Opening Market] KOSPI Reclaims 5,700 on Semiconductor-Led Rally
The domestic stock market on Oct. 21 showed a refreshing start, rebounding from the previous day’s massive plunge. On the previous trading day, the KOSPI index plunged 3.73% to close at 5,552.74, pushed down by a combined selling offensive from foreign and institutional investors, thereby returning
On October 21, the domestic KOSPI stock market experienced a significant rebound, climbing back to 5,700 points from the previous day's drop. The initial trading day saw the KOSPI index fall by 3.73%, reaching a close of 5,552.74, largely due to a coordinated selling effort from foreign and institutional investors. However, overnight gains in the NASDAQ Composite Index, driven by bargain hunting in artificial intelligence (AI) and semiconductor sectors, helped bolster investor confidence.
The Philadelphia Semiconductor Index also rose 1.61%, marking its first increase in nine trading days and contributing to the positive market sentiment.
In response to this rally, both the KOSPI and KOSDAQ markets saw a 1% increase in early trading, demonstrating resilience and a strong recovery. At the opening bell, the KOSPI started at 5,666.34, a 2.05% gain from the previous day. This rapid recovery was fueled by low-end buying that is progressively accumulating. Large-cap technology stocks and the semiconductor sector, which had seen their support levels shaken the previous day, are now playing a crucial role in pulling the index upwards.
Market analysts noted that investor sentiment is quickly returning to stability as doubts about the extent of the previous day's decline are dispelled. The perception of an excessive short-term drop is being reconsidered, and the sustained investments in AI infrastructure by major global technology firms have been reaffirmed. The KOSDAQ market also showed an upward trend, reclaiming the 800 level, with its opening price at 793.40, up 1.46% from the prior day.
Written by urgent.news from BusinessKorea's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
