Kospi Rebounds 86% of Three-Day Losses in Just One Day... Surges Over 1,000 Points

[Anchor]

We have witnessed another unprecedented set of numbers in the Kospi market. Overcoming the steep plunge of the past three days, the index soared by more than 1,000 points today (the 31st), marking the largest surge in history. SK Hynix hit the daily upper limit for the first time in 17 years, and Samsung Electronics skyrocketed by nearly 27%.

Our first report comes from reporter Hong Yeongjae.

[Reporter]

On the final trading day of a nightmare-like July, red lights finally lit up across the stock market electronic boards.

Today, the Kospi closed at 6,595.45, up a whopping 1,001 points, or 17.91%, from yesterday.

It shattered records for both the largest percentage gain and point increase in history.

The Kospi had dropped 1,162 points over the previous three days, but recovered 86% of it in just a single day.

Kosdaq also surged by over 11%, triggering buy-side sidecars for both the Kospi and Kosdaq markets.

The semiconductor "twins" led the Kospi's astronomical surge.

SK Hynix skyrocketed 29.95% to 1,718,000 won, hitting the daily upper limit for the first time in 17 years.

Samsung Electronics also neared the upper limit before closing up 26.81% at 262,500 won.

Analysts noted that strong earnings announcements by big tech firms in the U.S. stock market overnight and a sharp rally in semiconductor stocks had a positive impact.

[Interview: Lee Hyo-seop, Head of Financial Industry Research Center at Korea Capital Market Institute]

"As U.S. big tech companies wrap up their earnings announcements, expectations are that AI demand remains robust. Combined with bargain-hunting following the short-term plunge, Korea experienced a massive surge."

News that SK Group Chairman Chey Tae-won purchased approximately 4.8 billion won worth of SK Hynix shares on the open market yesterday also lent momentum to the stock price rise.

While foreign investors net-purchased a record 8.7 trillion won in the Kospi, individual investors offloaded 10.3 trillion won, marking a record net-selling streak.

(Photo courtesy of: Choi Ho-jun | Video editing: Lee So-young | Design: Choi Jin-hoe)

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