KOSPI rallies over 2% as investors look past US tech rout
KOSPI rose more than 2 percent Monday, as institutional buying helped stocks rebound from early losses, shrugging off lingering concerns over the profitability of artificial intelligence (AI) investments. The benchmark closed at 5,859.08, up 2.24 percent. It opened 1.62 percent lower before reversing course as institutional investors stepped up purchases. Institutional investors bought a net 1.36…
The KOSPI index surged more than 2% on Monday, buoyed by institutional buying that helped the benchmark rebound from early losses. Despite lingering doubts about the profitability of AI investments, the market rallied, closing at 5,859.08, up 2.24% from its opening level of 1.62% lower. Institutional investors bolstered the rally by purchasing a net 1.36 trillion won ($1.01 billion) of shares, while foreign and retail investors netted out sales of 43.09 billion won and 1.41 trillion won, respectively.
Tech giants SK hynix and Samsung Electronics both saw gains, with SK hynix rising 3.81% to 1,472,000 won and Samsung Electronics climbing 1.78% to 229,000 won. SK Square, which plans to return at least 4.3 trillion won to shareholders from more than 6.2 trillion won in expected dividends from SK hynix, also saw a 5.91% increase, closing at 950,000 won.
This rebound occurred amidst a decline in U.S. semiconductor shares on Friday, with Intel dropping 28% and the Philadelphia Semiconductor Index falling 7.2%. Analyst Lee Kyoung-min of Daishin Securities noted that the market's resilience may be due to the continued institutional investment, despite concerns over AI profitability.
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 rallies over 2% as investors look past US tech rout koreatimes.co.kr
