Home / Business and Economy / Samsung, SK Hynix Drive KOSPI Rebound Amid Global Turmoil
Samsung, SK Hynix Drive KOSPI Rebound Amid Global Turmoil
17 Sep
Summary
- KOSPI index surpassed 6,700 points due to buybacks and institutional buying.
- Global instability rose with oil prices over $100 and U.S. Treasury yields hitting highs.
- South Korean markets gained despite foreign investors continuing net selling.
South Korea's KOSPI index surged past the 6,700-point mark on September 16, buoyed by aggressive share buybacks from tech giants Samsung Electronics and SK Hynix, alongside substantial institutional investment. This domestic market resilience occurred despite a backdrop of escalating global economic instability. International oil prices climbed above $100 per barrel due to Red Sea tensions and disrupted Saudi oil operations, while U.S. Treasury yields, particularly for the 10-year note, reached 19-year highs nearing 5%. The market's upward momentum was further supported by a rebound in the U.S. semiconductor index, encouraging capital flow into technology counters. Companies like Hyosung Heavy Industries and LS Eco Energy also saw significant gains on positive demand outlooks. Despite foreign investors offloading over 1.4 trillion Korean won in spot markets, domestic institutions and corporations injected more than 2.9 trillion Korean won, demonstrating strong buying interest through pension funds and ETFs. Meanwhile, individual investors were net sellers.
