South Korean stocks rebounded strongly on Thursday morning, with the benchmark Korea Composite Stock Price Index (KOSPI) rising by 10.25% to 5,615.44. This surge followed the steepest decline in history the previous day, prompting bargain hunting among investors. The Korea Exchange activated a buy-side sidecar to halt program-driven buy orders in KOSPI futures for five minutes.
Major shares across various sectors traded positively, with market bellwether Samsung Electronics jumping 11.96% and chipmaker SK hynix surging 12.49%. Shipbuilders like Hyundai Heavy Industries and Hanwha Ocean also saw significant gains, rising by 8.22% and 11.34% respectively. Additionally, internet portal operator Naver climbed 6.25%, while Samyang Foods, famous for its instant ramyeon Buldak series, increased by 3.37%.
The Korean won strengthened against the U.S. dollar, trading at 1,463.35 won, up 13.15 won from the previous session. The previous day’s market turmoil was fueled by concerns over the economic impact of the escalating Middle East conflict, causing the KOSPI to plummet by 12.06% to close at 5,093.54. This marked the sharpest daily decline since September 12, 2001, following the September 11 terrorist attacks in the United States.
