Kospi steadies after two-day rout as Samsung Electronics posts record quarterly earnings; SK hynix slides further

The Kospi, which tumbled for two straight sessions, was trading in mixed territory Thursday. Samsung Electronics — the bellwether semiconductor stock — posted its best-ever quarterly earnings but has been swinging between gains and losses of 1 to 2 percent, while SK hynix extended its decline, falling 4 to 7 percent on the day.

According to Korea Exchange, the Kospi stood at 5,671.75 as of 10 a.m. Thursday, up 8.51 points, or 0.15 percent, from the previous close. The index opened up 18.53 points, or 0.33 percent, at 5,681.77 before swinging between gains and losses during the session.

Foreign investors broke a four-session selling streak that had run through Wednesday and turned buyers in early trading. They posted net purchases of 525.8 billion won ($363 million) on the Kospi market, while institutional investors were also net buyers at 650.4 billion won.

Retail investors, by contrast, extended their selling for a second consecutive session, posting net sales of 1.18 trillion won on the Kospi market.

All three major Wall Street indexes fell overnight. The Dow Jones Industrial Average dropped 2.19 percent, its steepest single-session loss in 15 months since April last year. The S&P 500 fell 1.52 percent and the NASDAQ closed down 1.74 percent.

Semiconductor stocks took a heavy hit, with Micron falling 9.94 percent and SanDisk dropping 7.32 percent. SK hynix's American depositary receipts also slid 2.6 percent. The Philadelphia Semiconductor Index tumbled 5.33 percent.

With investor sentiment already fragile on concerns about a peak in the semiconductor cycle, worries over high interest rates and elevated oil prices added further pressure, leaving the domestic market with little rebound momentum after its two-day plunge. The Kospi had tumbled 10.84 percent on Tuesday and another 5.98 percent on Wednesday, falling below the 6,000 mark.

The two dominant domestic semiconductor stocks, which both cratered over the past two sessions, were also trading in mixed territory.

Samsung Electronics, which reported record quarterly earnings Thursday, was up 0.9 percent at 210,500 won after oscillating between gains and losses. SK hynix, which had been down as much as 4 to 7 percent during the session, was last trading down 3.7 percent at 1,349,000 won.

Other large-cap stocks were also split. LG Energy Solution rose 6.3 percent, Samsung Biologics gained 1.0 percent and KB Financial Group advanced 4.6 percent, while SK Square fell 4.8 percent, Samsung Electro-Mechanics dropped 3.1 percent and Hyundai Motor edged down 0.2 percent.

The Kosdaq was up 1.02 points, or 1.02 percent, at 663.70 at the same time. After opening down 7.96 points, or 1.20 percent, at 654.72, the index swung between gains and losses before turning positive.