KOSPI recovers to close 0.26% higher after plunging to 6,439.49

  • KOSPI recovered after a sharp afternoon selloff and finished modestly higher.
  • Other Corporations bought ₩1.5936 trillion while three major investor groups sold.
  • KOSDAQ fell 1.71% as foreign and institutional selling pressured biotech shares.

The KOSPI closed at 6,579.48 on the 3rd, up 16.76 points, or 0.26%, after swinging between an early high of 6,682.97 and an intraday low of 6,439.49. Retail investors, foreign investors and institutional investors were all net sellers, while Other Corporations were the sole buyers, purchasing ₩1.5936 trillion, approximately $1.2 billion, and helping limit losses in semiconductor shares. Bargain-hunting initially followed easing U.S. Treasury yields and optimism over Broadcom's earnings, but reports around 2 p.m. that Iran had struck a U.S. military base in Kuwait weakened sentiment. Citigroup cut its third-quarter operating profit forecasts for SK Hynix and Samsung Electronics by 3% and 10%, respectively, citing the stronger won, while retaining a positive view of memory-market fundamentals. The KOSDAQ fell 1.71% to 790.21 as foreign and institutional selling weighed on biotechnology and semiconductor-materials shares. The won strengthened to ₩1,359.3 per dollar, entering the 1,350-won range for the first time in 14 months.

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