On the 21st, the KOSPI started lower but rebounded intraday and closed in the 6,910 range. Despite a broad decline on Wall Street the previous day, Samsung group stocks rose across the board on expectations that Samsung Electronics will soon announce a large-scale shareholder return plan.
The KOSPI ended at 6,912.95, up 60.37 points (0.88%) from the previous session. The index opened at 6,759.95, down 92.63 points (1.35%), but turned higher led by major semiconductor stocks and regained the 6,900 level.
Investor sentiment improved on word that Samsung Electronics(005930) could hold a board meeting as early as that day and announce a shareholder return plan worth more than 100 billion won.
Samsung Electronics climbed nearly 4%, and Samsung Life Insurance(032830) and Samsung C&T also rose sharply. SK hynix, which previously announced a large shareholder return policy, also gained 2.31% (39,000 won) to close at 1.73 million won. The move reflected the market's positive view of shareholder return policies, aided by gains in the Philadelphia Semiconductor Index.
Strength in financials also helped lift the index. Hana Financial Group (4.38%), Shinhan Financial Group (2.97%) and KB Financial Group (2.69%), cited as beneficiaries of policies to boost corporate value and expand shareholder returns, all rose in unison.
In the main board, institutions were net buyers of more than 200 billion won. In contrast, individuals and foreigners were net sellers of 860 billion won and 430 billion won, respectively.
U.S. stocks fell across the board the previous day on rising bond yields. Despite the U.S. Treasury's announcement of an expanded buyback of Government Bonds, the 10-year Treasury yield topped 4.70%, dampening investor sentiment, and Walmart, a leading retailer, released weak results.
While the KOSPI rose on expectations for shareholder return policies at Samsung Electronics and SK hynix, the KOSDAQ market tumbled sharply.
The KOSDAQ ended at 801.94, plunging 38.95 points (4.63%) from the previous session. Bio and secondary battery sectors fell across the board. As foreigners and institutions sold in tandem, the index's losses deepened. As the KOSDAQ's intraday drop widened, a "sell sidecar" halting the validity of program sell quotes was triggered around 10 a.m.
Most top KOSDAQ market-cap stocks fell sharply. Leading stock Alteogen (-5.74%), along with EcoPro (-7.26%), EcoPro BM (-7.45%), ABL Bio (-8.85%), Sam Chun Dang Pharm (-7.71%) and LigaChem Biosciences (-7.66%), finished lower among major pharma, biotech and secondary battery names.
By contrast, cryptocurrency-related stocks rallied on gains in major digital assets such as bitcoin. Latexys Ethereum (29.96%), Woori Technology Investment (19.96%), BITPLANET (15.59%), GalaxiaMoneytree (12.61%) and WIZIT (5.35%) surged.
In the Seoul foreign exchange market, the won-dollar rate finished at 1,386.5 won, down 6.1 won from the previous day.