KOSPI Closes Above 6,000 as Chip Stocks Surge; SK hynix Up 11%
Buying spurred by SK hynix's record results and expanded shareholder returns
Foreign and institutional investors net buyers... KOSDAQ also gains 3.69%
The KOSPI recovered above the 6,000 mark, buoyed by sharp gains in Samsung Electronics and SK hynix. SK hynix's record quarterly results and plans to expand shareholder returns lifted investor sentiment toward semiconductor stocks. The index rose for a second consecutive session as foreign and institutional investors both bought shares.
On Oct. 28, the KOSPI closed at 6,012.44, up 6.63% from the previous trading day. It was the first time in 10 trading days, since Oct. 14, that the index had finished above the 6,000 mark. It opened at 5,763.85, up 2.23% from the previous session, and climbed to as high as 6,032.28 during the session. A buy-sidecar was triggered amid the sharp rally, for the second consecutive day.
On the main bourse, foreign and institutional investors recorded net purchases of 1.152 trillion won and 1.1172 trillion won, respectively. Retail investors recorded net sales of 2.3334 trillion won.
Most sectors advanced. Several sectors gained more than 5%, including insurance (6.43%), securities (5.46%), medical and precision equipment (5.305%), and financials (5.05%). Non-metallic minerals (-0.33%), paper and wood (-0.12%), and entertainment and culture (-0.11%) declined.
Large-cap semiconductor stocks led the gains. Samsung Electronics closed regular trading at 242,000 won, up 9.01% from the previous trading day. SK hynix rose 10.89% to 1.487 million won.
SK hynix announced that it posted revenue of 104.6155 trillion won and operating profit of 83.3338 trillion won in the third quarter. The figures were up 327.9% and 632.1%, respectively, from the same period last year, and both revenue and operating profit were the highest ever for a quarter. The company also unveiled an additional 60 trillion won in shareholder returns, bringing its total shareholder returns for this year to about 100 trillion won.
Other stocks with large market capitalizations also mostly rose. SK Square (11.23%), Samsung Life Insurance (8.82%), Samsung Electro-Mechanics (8.74%), Samsung C&T (7.81%), and KB Financial Group (4.34%) posted strong gains. Hyundai Motor (1.89%) and LG Energy Solution (1.83%) also advanced. Samsung Biologics, meanwhile, fell 0.15%.
The KOSDAQ closed at 771.28, up 3.69% from the previous trading day. Institutional investors supported the index's gains with net purchases of 228.3 billion won. Foreign investors and retail investors recorded net sales of 186.8 billion won and 36.9 billion won, respectively.
Nearly all sectors also advanced. Gains were led by machinery and equipment (6.58%), electrical and electronic equipment (4.62%), chemicals (4.35%), manufacturing (4.16%), retail (3.68%), IT services (3.35%), and non-metallic minerals (3.17%). Publishing and media reproduction (-1.33%), paper and wood (-0.23%), and telecommunications (-0.01%) declined.
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Among the KOSDAQ's largest stocks by market capitalization, Rainbow Robotics surged 15.08%. Semiconductor-related stocks also rose, including SIMMTECH (8.79%), Jusung Engineering (6.12%), Wonik IPS (6.08%), and EO Technics (5.95%). EcoPro (3.09%), EcoPro BM (3.07%), Alteogen (2.06%), and HLB (1.88%) also finished higher.
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