South Korean stocks ended the Sept 28-Oct 2 week lower despite a strong late rebound, with the Kospi shedding 77.18 points, or 1.1%, from its previous close to finish at 7,003.74, as gains in semiconductor heavyweights failed to fully erase an early-week sell-off.
The benchmark began the week with a sharp 2.7% plunge to 6,889.74 on Sept 28, snapping a four-session winning streak as investors locked in profits from large-cap technology shares. Samsung Electronics and SK Hynix came under heavy selling pressure, while rising US Treasury yields and uncertainty surrounding the Middle East weighed on sentiment.
Losses extended the following day, with the Kospi slipping 0.27% to 6,870.81, as rising oil prices fuelled inflation concerns and pushed US bond yields higher. Foreign investors remained net sellers, keeping pressure on the broader market.
The index fell for a third straight session on Sept 30, dropping 0.48% to 6,838.04, as elevated Treasury yields heightened concerns over borrowing costs and the prospect of tighter monetary policy.
Sentiment reversed sharply the next day, when the Kospi surged 1.95% to 6,971.35, powered by semiconductor stocks after South Korea reported record September exports. Semiconductor shipments nearly tripled from a year earlier amid strong artificial intelligence-related demand, lifting Samsung Electronics and SK Hynix.
The recovery continued on Oct 2 as bargain hunting in major technology shares pushed the Kospi up another 0.45% to 7,003.74. Easing US Treasury yields provided additional support, although elevated oil prices and interest-rate uncertainty kept gains in check.
Overall, the Kospi recorded three consecutive declines followed by two sessions of gains, with renewed strength in semiconductor stocks helping the benchmark reclaim the 7,000 level by the end of the week.
