South Korea’s Kospi closed at 6,835.8 points on Tuesday, up 0.23%, as buyback-driven gains in Samsung Electronics and SK Hynix offset net selling from foreign, institutional, and retail investors alike.
The index marked its second straight gain, having opened 0.52% lower after fresh U.S.-Iran airstrikes and a hawkish Fed speech from Chair Kevin Warsh unsettled global markets. The Kospi has since recovered from a session low near 6,617 on Monday.
Chip Stocks Reverse an Early Slide
Wall Street had fallen overnight, with the Dow Jones Industrial Average down 0.7% and the S&P 500 off 0.33%, after Warsh’s Jackson Hole speech fanned concerns over a possible rate hike at the Fed’s meeting later this month.
However, the Kospi erased those losses in the afternoon as government data showed Korea’s August exports stayed solid on strong chip demand, extending the Kospi’s chip-driven rally. Samsung rose 0.38% and SK Hynix advanced 1.14%, both aided by recently announced buyback programs.
“External uncertainty dampened investor sentiment, but strong buying from big companies backed up the index,” said Lee Kyung-min, an analyst at Daishin Securities.
Sellers Outnumbered Buyers Despite the Gain
Trade volume was light at 263.7 million shares worth 17.5 trillion won ($12.8 billion), with advancers narrowly beating decliners 444 to 421. Foreign investors sold a net 491.9 billion won, institutions sold 634 billion won, and retail investors sold 539.8 billion won.
Oil refiners gained on rising crude prices, with SK Innovation up 7.81% and S-Oil up 1.07%. Meanwhile, Hanwha Aerospace fell 3.99% and Celltrion slipped 0.48%.
The won weakened 1.8 won to trade at 1,370.4 per dollar as of 3:30 p.m., reflecting broader risk-off pressure from the Middle East escalation.
The post Kospi Gains as Chip Buybacks Offset Broad Investor Selling appeared first on BeInCrypto.
Source: https://beincrypto.com/kospi-chip-stocks-offset-iran-tensions/
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