On the 1st, the KOSPI skyrocketed more than 8%, marking the fifth-highest rate of increase on record. Hopes for an end to the war between the United States and Iran spread across the market, sharply boosting investor sentiment.
According to Korea Exchange (KRX), the KOSPI ended the session at 5,478.70 points, up 426.24 points (8.44%) from the previous trading day. This is the fifth-highest closing rate of increase on record since KRX began compiling data in 1998.
The highest closing rate of increase was 11.95% on Oct. 24, 2008, during the financial crisis, followed by 9.63% on the 5th of this month at the outset of the Middle East war, 8.60% on Mar. 24, 2020, in the early days of the COVID-19 pandemic, and 8.50% on Jun. 17, 1998, during the IMF foreign exchange crisis.
At one point intraday, the KOSPI surged as high as 5,504.54, up 459.87 points (9.10%). By intraday rate-of-increase standards, this is the second-highest level since the outbreak of the Iran war. Earlier, on Mar. 5, the KOSPI climbed intraday to 5,715.30, up 12.2% from the previous day's close (5,093.54), setting the largest intraday gain since the war.
In the main board on the day, of the 921 stocks transacted, share prices rose for 840 and fell for 71. More than 91% of all listed stocks advanced.
At the same time, the KOSDAQ ended the day at 1,116.18, up 63.78 points (6.06%) from the previous trading day. The KOSDAQ also jumped more than 6.67% intraday. Among the 1,752 stocks transacted on the KOSDAQ market, share prices rose for 1,553.
Meanwhile, as the KOSPI and KOSDAQ both spiked in the morning, Korea Exchange (KRX) successively triggered buy-side sidecars (temporary suspension of program sell quote effectiveness) on the two markets.