The KOSPI briefly approached the 6,700 level before dropping about 3% in roughly 10 minutes and ending the session slightly higher. The index closed at 6,579.48 on the 3rd, up 0.26% from the previous session, after rising as much as 1.83% early in the day on stabilizing U.S. Treasury yields and gains in technology shares. It then reversed to a 1.88% loss around 2 p.m., reaching 6,439.49, with a 243.48-point gap between the session high and low. Asian markets also fell before rebounding amid concerns about an expanding Middle East conflict and the possible unwinding of yen carry trades (borrowing yen to invest in higher-yielding assets) as Japanese interest rates rise. Foreign media reports of a suspected Iranian attack on a U.S. military base and the possibility of a 50 basis point increase by the Bank of Japan (Japan's central bank) were cited as triggers. One basis point equals 0.01 percentage point. Japan's Nikkei 225, Taiwan's stock market and Nasdaq 100 futures fell sharply, while KOSPI 200 put options (contracts that gain value when an index falls) more than doubled in price. Analysts said the KOSPI's weakened underlying footing left it vulnerable to a supply-and-demand shock and unusually large swings on relatively minor negative news. Individuals sold a net 955 billion won, foreign investors sold 419.5 billion won and institutions sold 215.2 billion won. Other corporations were the only net buyers, purchasing 1.5936 trillion won, supported by share buybacks at Samsung Electronics and SK hynix.