The KOSPI index is showing a significant recovery, rising nearly 6% after a sharp drop the previous day. The surge is attributed to a spike in U.S. semiconductor stocks and easing geopolitical risks in the Middle East, prompting a buying frenzy that triggered a temporary trading halt known as a sidecar.
As of 1:19 p.m. on June 9, the KOSPI was up 510.07 points (6.79%) at 7992.53, according to the Korea Exchange.
The index opened at 7697.76 and quickly gained momentum, reaching a peak of 7847.74 during the session. This prompted the exchange to activate a program trading halt. Although the gains were slightly reduced afterward, the index remained above 7900.
Market volatility remains high, with the KOSPI 200 volatility index (VKOSPI), often referred to as Korea's fear index, rising 13.44% to 86.93. It briefly exceeded 87.50, marking the highest level since the exchange began tracking this data in 2009.
In terms of trading activity, individual and institutional investors bought a net 240 billion won and 694.7 billion won, respectively, contributing to the index's rise. In contrast, foreign investors sold a net 1.1 trillion won, continuing a selling trend for 22 consecutive trading days.
Overnight in New York, the mood for riskier assets improved after Iran and Israel declared a ceasefire. The Dow Jones Industrial Average fell 0.16%, while the S&P 500 and Nasdaq indices rose by 0.30% and 0.86%, respectively.
The semiconductor sector saw particularly strong gains. The Philadelphia Semiconductor Index (SOX) increased by 5.61%, with Micron up 9.87%, Intel rising 11.19%, and Nvidia gaining 1.73%.
Major domestic semiconductor stocks also joined the upward trend. Samsung Electronics traded up 3.55% at 306,000 won, reaching a high of 312,000 won during the session. SK Hynix rose 8.01% to 2,064,000 won, peaking at 2,077,000 won, reclaiming the '300,000 won' and '2,000,000 won' marks lost the previous day.
The KOSDAQ index also rose, gaining 61.80 points (6.78%) to reach 973.19. Foreign and institutional investors bought a net 175.3 billion won and 250.2 billion won, respectively, driving the index higher, while individuals sold a net 425.6 billion won.
Alteogen surged 11.74% after announcing it received an intention to grant notice from the European Patent Office for its self-developed substance, making it the top market cap stock on KOSDAQ.
Other stocks such as EcoProBM (1.69%), EcoPro (1.24%), Rainbow Robotics (0.49%), and Jusung Engineering (4.27%) also saw gains, while stocks like Padu (-3.75%) and Roboteers (-3.11%) faced declines.
* This article has been translated by AI.
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