South Korea’s benchmark Korea Composite Stock Price Index (KOSPI) ended higher Wednesday after falling 4.02% intraday, leaving the market with a small gain despite heavy foreign selling and losses among major chip stocks.
The index closed at 5,683.80, up 35.01 points, or 0.62%, Yonhap reported in a closing dispatch citing the Korea Exchange. It opened 2.43% higher and climbed to 5,828.13 before reversing course.
The KOSPI then fell to 5,421.72, its low for the session, before recovering in the afternoon. Its closing gain followed a swing of more than 400 points between the day’s high and low.
Foreign investors sold a net 2.51 trillion won of KOSPI shares, according to Aju Press. Individuals bought a net 1.15 trillion won, while institutions bought 1.01 trillion won. LG Energy Solution gained 5.03%, but Samsung Electronics fell 0.68% and SK hynix slipped 0.14%.
The session unfolded as results from the U.S. midterm elections emerged. Aju Press reported that investors were concerned a possible Democratic majority in Congress might lead to tighter rules for artificial intelligence data centers and slower investment. The report presented those effects as concerns, rather than policy decisions.
The reversal followed an earlier KOSPI recovery from a morning decline covered by EconoTimes, when the index finished 0.30% higher.
