KOSPI surges 1.52% as corporate buybacks lift index above 6,660

  • Other Corporations lifted the KOSPI by absorbing selling from retail investors, foreigners and institutions.
  • 409.3 billion won was the morning net purchase by Other Corporations on the KOSPI.
  • Samsung Electronics and SK Hynix buybacks continued a seven-session corporate buying streak.

South Korea's KOSPI rose 99.90 points, or 1.52%, to 6,662.62 by 10:32 a.m. on the 3rd, reclaiming the 6,660 level as purchases by Other Corporations offset net selling from retail investors, foreigners and institutions. Other Corporations, a market category covering general companies excluding financial firms and including on-exchange purchases of companies' own shares, net bought 409.3 billion won, or about $301.2 million. The buying was led by large-scale treasury-share purchases from Samsung Electronics and SK Hynix. The KOSDAQ fell 0.49% to 800.07, while the won traded at 1,356.9 per dollar, down 2.29 won.

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