Lead
South Korean stocks closed higher Monday, rebounding from a steep decline in the previous session, as investors scooped up major chipmakers, including market heavyweight Samsung Electronics. The local currency also gained ground against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 22.86 points, or 0.31 percent, to close at 7516.04, according to Yonhap News Agency.
The index initially opened lower, tracking declines on Wall Street last week in the face of rising global bond yields and inflation woes. It extended losses in early trading, falling as low as 7,142.71, down about 5 percent, at one point.
Coverage Comparison
The day's trading was volatile, with early losses triggering a temporary pause in program trading. According to a Yonhap report, at around 9:19 a.m., program trading for the KOSPI was suspended for five minutes. The bourse operator issues such an order when the KOSPI 200 futures rise or fall by more than 5 percent.
Intraday figures showed the KOSPI had added 88.71 points, or 1.18 percent, to 7,581.89 as of 11:20 a.m., according to a separate Yonhap report. By the close, however, the gain had narrowed to 22.86 points, or 0.31 percent, as reported in three other Yonhap articles.
The rebound was supported by gains in large-cap chip stocks. One Yonhap report said Samsung Electronics jumped 5.91 percent during the morning session, while another report recorded Samsung closing 3.88 percent higher at 281,000 won. The discrepancy reflects the stock's intraday volatility; the closing figure appears in the later reports.
The Korean won also showed movement during the session. At 11:20 a.m., it was trading at 1,505.9 won against the U.S. dollar, down 5.1 won from the previous session, according to one report. By 3:30 p.m., it had strengthened to 1,500.3 won, up 0.5 won, as reported in the closing articles.
Key Claims
- The KOSPI closed at 7516.04, up 22.86 points or 0.31 percent, as reported by Yonhap.
- Trade volume was moderate at 561.4 million shares worth 43.4 trillion won, with losers outnumbering winners 685 to 203, according to Yonhap.
- Foreign investors sold a net 3.65 trillion won worth of local shares, extending their selling streak to an eighth consecutive session, while institutions and retail investors purchased a net 1.39 trillion won and 2.21 trillion won, respectively, per Yonhap.
- Samsung Electronics closed at 281,000 won, up 3.88 percent, as reported by Yonhap.
- The KOSPI fell as low as 7,142.71 in early trading, about 5 percent down, before recovering, according to Yonhap.
- Program trading was suspended for five minutes after the market opened, as reported by Yonhap.
- The Korean won closed at 1,500.3 won against the dollar, up 0.5 won from the previous session, according to Yonhap.
Market participants pointed to bargain hunting as a driver. "The index reversed course and moved higher on the rebound in Samsung Electronics shares," said Lee Kyung-min, an analyst at Daeshin Securities, as quoted by Yonhap.
A district court partially accepted Samsung Electronics' request for an injunction to block a planned strike, and the company's management and its largest labor union resumed government-led wage mediation talks, Yonhap reported. These developments supported chip stocks.
Other large-cap stocks ended mixed. SK hynix gained 1.15 percent to close at 1,840,000 won, according to Yonhap. However, battery maker LG Energy Solution lost 3 percent, shipbuilder HD Hyundai Heavy dropped 3.91 percent, and auto shares declined, with Hyundai Motor losing 3.71 percent and Kia shedding 2.74 percent, as reported in the intraday report.
Perspectives
No direct quotes from officials or analysts beyond the one attributed to Lee Kyung-min were included in the provided material.