South Korea's KOSPI jumps 4.1% after nearly 10% sell-off
What's new: Samsung Electronics rose more than 9% and SK Hynix gained 5%, while foreigners sold 626.3 billion won in shares.
South Korea's KOSPI rebounded sharply on Wednesday morning, rising 4.1% in the first 30 minutes of trading after tumbling nearly 10% a day earlier. The index gained more than 330 points to 8,550.21 as retail investors bought into the pullback, helping recover a large share of the previous session's losses. Samsung Electronics climbed more than 9% and SK Hynix added 5%, leading the recovery in chip stocks. Hyundai Motor and Kia also advanced, while POSCO Holdings and Samsung BioLogics posted smaller gains. Strategist Seo Sang-young of Mirae Asset Securities said leveraged ETF buying by retail investors was fueling the swings. Foreign investors were net sellers of 626.3 billion won in shares.