KOSPI rebounds as bargain hunting offsets foreign selling

KOSPI, which briefly fell to the 7,400 range on foreign investors’ selloff on Wednesday, reversed course to close at another record high above the 7,800 mark on strong buying from retail and institutional investors. The country's benchmark index opened at 7,513.65, down 1.69 percent, or 129.50 points, from the previous session. Losses deepened in early trading, pushing the index down as low as 7,402. Sentiment later improved, however, with the KOSPI recouping its earlier declines and climbing above the 7,800 level intraday before closing at 7,844.01, up 200.86 points, or 2.63 percent, from the previous session. The weak start followed an overnight decline in U.S. semiconductor shares, which dragged down the Philadelphia Semiconductor Index and pressured Korean equities from premarket trading. Among heavyweight stocks, Samsung Electronics traded sharply lower earlier in the session, plunging nearly 6 percent after labor-management talks broke down and U.S. chip stocks weakened overnight. The stock later pared most of its losses, fluctuating around the flat line before ending 1.79 percen

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