Jul. 3 at 7:28 PM
From Barrons…..
The world’s hottest index was saved again by the world’s hottest stock play. The KOSPI index staged a dramatic, V-shaped recovery Friday—after dropping as low as 7,300 in the morning, South Korea’s benchmark ended the session up 5.76% to close at 8,088.34.
It followed a brutal tech rout in the previous session, which mimicked the chip-stocks selloff in U.S. markets where the tech-heavy Nasdaq finished 0.8% lower to end a holiday-shortened week. Trading was halted on the KOSPI Thursday as the slump triggered a sell-side regulatory halt, or “circuit breaker,” very early in the morning session for 15 minutes. The index closed trading down 7.89% for the day.
The Seoul market is a hostage to the benchmark index’s two largest constituents—memory-chip titans SK Hynix and Samsung Electronics —and the pair again drove the recovery Friday, surging 10.9%, and 8.2%, respectively.
$MU $MUU $SNDK $SNXX