On the 3rd, the KOSPI reclaimed the 8,000 level during intraday trading. The index, which started at the 7,700 level, fell to the 7,400 level during the session before climbing above 8,000 on bargain buying.
As of 1:46 p.m. that day, the KOSPI index was trading at 8,018.31, up 370.22 (4.84%) from the previous session.
Institutions are net buyers of 2.5 trillion won, lifting the index. Specifically, financial investment, where exchange-traded fund (ETF) flows are tallied, is net buying 1.9 trillion won; pension funds, 140 billion won; investment trusts, 340 billion won; insurers, 800 billion won; and banks, 7.7 billion won. Individuals and foreigners are net selling 1.2 trillion won and 1.4 trillion won, respectively.
Samsung Electronics and SK hynix jumped 8%, recovering the 310,000-won and 2.3 million-won levels, respectively. All of the top 10 stocks by market capitalization are higher.
Semiconductor stocks tumbled on the U.S. market the previous night, but Korea's market is rising on bargain buying. Lee Jae-won of Yuanta Securities Korea said of the previous day's sharp drop, "This correction is more about a valuation derating driven by noise than damage to fundamentals."
The KOSDAQ is also trimming losses. As of 1:50 p.m., the KOSDAQ index is trading around the 850 level, down 1.2% from the previous session. Foreigners and institutions are net selling 17.5 billion won and 114.6 billion won, respectively.
EcoPro BM, which launched a 1.2 trillion won rights offering, is down 2%, while Jusung Engineering and Alteogen are also lower.