KOSPI ends slightly higher after intraday swings
Summary
The KOSPI closed slightly higher Thursday after swinging sharply through the session, ending at 6,579.48, up 0.26 percent. It had opened 1.33 percent higher before dropping into the 6,400 range and later rebounding. Foreign investors, institutions and retail investors were net sellers, while corporations bought nearly 1.6 trillion won. The Kosdaq fell 1.71 percent, and the won ended at 1,359.3 per dollar.
Key Facts
- The KOSPI opened 1.33 percent higher at 6,650.33 and fell to the 6,400 range before recovering.
- Retail investors sold a net 955 billion won, while foreign investors and institutions sold 423.4 billion won and 215.2 billion won, respectively.
- Corporations were the only major group to buy, with net purchases of nearly 1.6 trillion won.
- The Kosdaq closed at 790.21, down 13.77 points, or 1.71 percent.
- The won-dollar exchange rate finished at 1,359.3 won, down 9.4 won from the previous session.
The won-dollar exchange rate, KOSPI and Kosdaq indexes are displayed in the dealing room of Hana Bank in Seoul, Thursday. The benchmark KOSPI closed at 6,579.48, up 16.76 points, or 0.26 percent, from the previous session. Yonhap
The benchmark KOSPI closed slightly higher Thursday, following a choppy session in which the main index plunged nearly 2 percent during afternoon trading.
The KOSPI opened 1.33 percent higher at 6,650.33 and initially extended its gains before reversing sharply around 2 p.m. It fell to the 6,400 range before rebounding to close at 6,579.48, up 16.76 points, or 0.26 percent, from the previous session.
Retail investors led net selling with 955 billion won ($703 million), while foreign investors and institutions sold a net 423.4 billion won and 215.2 billion won, respectively.
Corporations were the only major investor group to post net buying, purchasing nearly 1.6 trillion won and helping cushion the selling pressure from the other three groups. Ongoing share buybacks by Samsung Electronics and SK hynix have recently emerged as a buffer against the sell-off.
Market bellwethers closed lower. Samsung Electronics closed at 250,000 won, down 0.2 percent from the previous session, while SK hynix fell 1.05 percent to 1.596 million won.
The KOSPI's initial gains followed an overnight rebound on Wall Street, where major U.S. indexes closed higher for the first time in four sessions as Treasury yields eased from their recent rise. A broad rally in semiconductor stocks also helped lift investor sentiment in Seoul.
However, the sharp afternoon drop in the benchmark index came amid heavy institutional selling. Institutions had been net buyers in the morning but turned to net sellers around 2 p.m.
Renewed tensions in the Middle East also weighed on investor sentiment during the session.
Iran launched missile and drone attacks targeting U.S. military positions in several countries across the region, including Kuwait, following recent U.S. strikes on Iran. Kuwait's military said its air defenses were responding to Iranian missile and drone attacks.
Meanwhile, the secondary Kosdaq opened 10.33 points, or 1.28 percent, higher at 814.31 before reversing course to close at 790.21, down 13.77 points, or 1.71 percent, from the previous session.
In the Seoul foreign exchange market, the won-dollar exchange rate closed at 1,359.3 won, down 9.4 won from the previous session.
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