Kospi Rebounds From 3.5% Intraday Drop to Close at 6,820
Forecast Trend Report by Period
The Kospi rebounded after tumbling more than 3% early in the session, lifted by a recovery in heavyweight semiconductor shares. The benchmark opened sharply lower on concerns about possible additional US rate hikes and the risk of a military clash between the US and Iran, but erased all of its losses in afternoon trading and reclaimed the 6,800 level.
The Kospi closed 31.14 points, or 0.46%, higher at 6,820.02 on August 31, according to the Korea Exchange. The index opened at 6,613.58, down 2.58%, and fell as low as 6,547.76, leaving it off as much as 3.55% at one point. It later rebounded on bargain buying and turned positive late in the session.
Foreigners and institutions were net sellers of 639.9 billion won and 793.1 billion won, respectively. Retail investors were also net sellers, unloading 144.3 billion won. Even as the main investor groups all sold shares, buying by other corporations helped support the rebound.
Among large-cap stocks, Samsung Electronics and SK Hynix closed higher after trading lower earlier in the day. Samsung Electronics gained 1.17% to 260,000 won, while SK Hynix rose 1.27% to 1,674,000 won. Samsung Electro-Mechanics climbed 2.60%, LG Energy Solution added 2.16%, Samsung Biologics rose 2.15%, and Hyundai Motor advanced 1.00%.
Doosan Enerbility, by contrast, fell 6.46% to 82,500 won. Hanwha Aerospace dropped 4.75%, HD Hyundai Heavy Industries slipped 1.64%, Samsung Life Insurance lost 1.29%, and Celltrion declined 0.94%.
The Kosdaq failed to rebound. The index closed down 4.12 points, or 0.49%, at 834.29 after falling as low as 805.14 during the session before paring much of its losses.
On the Kosdaq, retail investors were net buyers of 253.5 billion won, while foreigners and institutions were net sellers of 54.3 billion won and 201.5 billion won, respectively. Alteogen fell 3.91%, PharmaResearch dropped 7.69%, Peptron slid 4.78%, and ABL Bio lost 5.46%. Robotoz rose 6.40%, Simmtech gained 5.29%, Ecopro BM added 2.20%, and Ecopro advanced 1.22%.
