KOSPI retakes 8,000 mark as chip stocks lead sharp rebound

The Korea Times

KOSPI retakes 8,000 mark as chip stocks lead sharp rebound

Korean stocks rebounded sharply Tuesday as semiconductor shares rallied worldwide, with KOSPI surging more than 8 percent to reclaim the 8,000-point threshold, while Kosdaq also posted strong gains. Amid heightened volatility in domestic financial markets, a sharp sell-off a day earlier had triggered circuit breakers and sell-side sidecars in the KOSPI and Kosdaq markets. Just one day later, however, both markets staged a rapid recovery, prompting buy-side sidecars on both exchanges. The benchmark KOSPI opened at 7,697.76, up 213.35 points, or 2.85 percent, from the previous session, and extended its gains throughout the day before closing at 8,096.93, up 612.52 points, or 8.18 percent, from the previous session. The rally largely offset Monday's 8.29 percent decline. The strength of the rebound triggered a buy-side sidecar at 9:12 a.m. after sharp gains in KOSPI 200 futures. Program buy orders were suspended for five minutes under exchange rules designed to curb excessive market volatility. At the time, the KOSPI 200 futures index stood at 1,239.05, up 60.80 points, or 5.16 percent, fr

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