The South Korean stock market rebounded on Tuesday after a sharp decline on what was dubbed 'Black Monday.' The KOSPI index rose over 4% as U.S. semiconductor stocks surged and hopes for easing tensions in the Middle East emerged.
As of 9:03 a.m. on June 9, the KOSPI was trading at 7,831.77, up 347.36 points (4.64%) from the previous trading day. Individual investors purchased over 350 billion won, while foreign and institutional investors sold a net 244.4 billion won and 109.9 billion won, respectively.
Major stocks led the index's rise. Samsung Electronics gained more than 5%, recovering to the 310,000 won mark, while SK Hynix rose over 7%, reclaiming the 2,050,000 won level. Other strong performers included Samsung Electro-Mechanics, SK Square, and Hyundai Motor.
The rebound is attributed to a surge in the U.S. semiconductor sector. On June 8, the Philadelphia Semiconductor Index (SOX) increased by 5.61%. Micron Technology soared by 9.87%, and Intel jumped by 11.19%. Major semiconductor stocks, including Nvidia, attracted buying interest, boosting investor sentiment.
Easing tensions in the Middle East also encouraged a preference for riskier assets. Reports indicated that Israel and Iran would halt further attacks, alleviating some geopolitical risk concerns.
However, the U.S. 10-year Treasury yield remains at around 4.5%, indicating ongoing interest rate pressures. The exchange rate stabilized, with the won-dollar rate opening at 1,529.4 won, down 5.6 won from the previous trading day, aided by the National Pension Service's currency hedging activities.
The KOSDAQ also showed strong performance. At the same time, the KOSDAQ index rose by 33.37 points (3.66%) to 944.76. Foreign investors net bought 13.7 billion won, while individuals and institutions sold a net 5.2 billion won and 8.9 billion won, respectively.
Among individual stocks, JUSUNG Engineering surged over 8%, while Wonik IPS and Jeju Semiconductor saw gains of 7% to 9%. Hana Micron also rose nearly 15%, reflecting a concentrated buying trend in semiconductor stocks that had previously experienced significant declines.
* This article has been translated by AI.
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