KOSPI Rebounds 1.5% as Samsung and SK Hynix Recover From Friday's Rout, but Foreign Selling Clouds Outlook
The KOSPI gained 1.5% after a steep Friday decline, although heavy foreign selling raised doubts about whether the advance marked a lasting recovery.
SEOUL, South Korea — South Korean stocks rebounded on Monday, with chip giants Samsung Electronics and SK Hynix leading a recovery from last week's sharp selloff.
The KOSPI advanced 1.5% to close at 5,137.22, according to The Associated Press. Samsung Electronics gained 2.7% and SK Hynix jumped 3.9% as investors returned to major technology names.
After the rout
On Friday, the KOSPI fell more than 8% intraday, triggering a circuit breaker that halted trading for 20 minutes, before closing 6.02% lower at 5,059.65. Samsung fell 6.35% and SK Hynix tumbled 10.44%.
The selloff was triggered by anxieties over AI valuations and data center spending, and by concerns that Democratic midterm victories in the U.S. could create roadblocks for data center construction, particularly in Texas.
Foreign selling
Foreign funds sold roughly 10.44 trillion won of KOSPI shares in the previous week, including about 5.42 trillion won in SK Hynix and 2.19 trillion won in Samsung.
Analysts said persistent foreign selling dims the outlook, raising the question of whether Monday's gains represent a real recovery or a relief rally.
Other movers
Samsung Biologics advanced, while LG Energy Solution fell 1.93% and Hyundai Motor declined 1.43%.
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