[Edaily Reporter Shin Ha-yeon ] The KOSPI fell as low as the 5,300 level during trading on the 23rd but recovered all of its losses to close slightly higher. Although investor sentiment was significantly dampened early in the session due to the fallout from last night’s sharp decline in U.S. artificial intelligence (AI) and semiconductor stocks, the index managed to rebound as the market recognized the oversold conditions and institutional buying pressure flowed in. Additionally, SK hynix(000660)turned bullish following reports that its subsidiary, Solidigm, had withdrawn its plans for a U.S. initial public offering (IPO). In contrast, the KOSDAQ closed down by about 1%.

According to MP Doctor on the 23rd, the KOSPI closed at 5,550.30, up 16.53 points (0.30%) from the previous trading day. The index opened at 5,403.17, down 2.36% from the previous trading day, and fell as low as 5,305.98 during the session. However, it quickly narrowed its losses, reaching an intraday high of 5,550.30 before turning positive and closing higher.

In terms of supply and demand, foreign investors were net sellers of 992.8 billion won on the stock market. In contrast, institutional investors were net buyers of 872.2 billion won, and retail investors were net buyers of 52.7 billion won. Program trading, combining arbitrage and non-arbitrage trades, recorded a net selling position of 869.3 billion won.

Among the top market-cap stocks, large-cap semiconductor stocks led the intraday rebound. SamsungElectronics(005930)closed at 215,500 won, up 0.47% from the previous trading day, while SK hynix(000660)closed at 1,277,000 won, up 4.42%. SamsungElectronics(1P)(005935)rose 0.48%, and SKSQUARE(402340)rose 3.20%.

In particular, SK hynix managed to reverse its intraday decline following news that its subsidiary, Solidigm, had withdrawn its plan for a U.S. stock market listing, thereby extending its gains. Given that concerns had recently been raised regarding duplicate listings and the dilution of existing shareholder value surrounding Solidigm’s overseas IPO, the withdrawal of the listing is seen as a factor that has partially alleviated related uncertainties.

In addition, SAMSUNG BIOLOGICS(207940)surged 7.71%, and Samsung Life Insurance(032830)also rose 1.45%. On the other hand, LG Energy Solution(373220)(-1.79%), SamsungElectroMechanics(009150)(-2.01%), HyundaiMotor(005380)(-1.99%), and KB Financial Group(105560)(-3.29%) all fell.

SAMSUNG BIOLOGICS(207940)soared 7.71% as concerns over production disruptions caused by a labor union strike eased, coupled with strong earnings and expectations of a recovery in new orders. Expectations grew that customer concerns regarding production disruptions would diminish after a court expanded the scope of the strike ban beyond the original first-instance ruling, prohibiting strike activities across all nine production processes requested by the company. The company recently reported third-quarter consolidated revenue of 1.4903 trillion won and operating profit of 640.1 billion won, exceeding market expectations. The increased production contribution from Plant No. 5 and the inclusion of results from the Rockville, U.S., plant also contributed to heightened growth expectations.

Early in the trading session, the domestic stock market was affected by the sharp correction in tech stocks on the New York Stock Exchange overnight. Concerns over Meta’s deteriorating cash flow and the burden of AI investments resurfaced, causing semiconductor stocks such as NVIDIA and Micron to plummet, while the Philadelphia Semiconductor Index also fell by more than 6%. Additionally, rising international oil prices due to escalating tensions in the Middle East weighed on investor sentiment toward risk assets across the board.

However, the domestic stock market had already largely priced in concerns over AI investments the previous day, and the recent sharp decline had eased valuation pressures. After panic selling emerged early in the session, bargain-hunting buying—led by institutional investors—flowed in, and SK hynix’s return to an uptrend following reports of Solidigm’s IPO withdrawal also contributed to the index’s recovery. The KOSPI fell as low as the 5,300 level during the session but quickly narrowed its losses, eventually recovering to the 5,500 level and closing higher.

By sector, metals and chemicals closed down by around 3%, and most other sectors—including machinery and equipment, transportation equipment and parts, telecommunications, textiles and apparel, non-metals, retail, securities, food, beverages, and tobacco, paper and wood, IT services, finance, electricity and gas, and entertainment and culture—were in the red. In contrast, sectors such as pharmaceuticals, medical and precision instruments, electrical and electronics, general services, manufacturing, real estate, and insurance closed higher.

On the same day, the KOSDAQ Index closed at 751.69, down 12.41 points (1.62%) from the previous trading day. The index opened at 748.32, fell as low as 732.87 during the session, then rebounded to 753.02, but ultimately closed lower.

In the KOSDAQ market, retail investors were net buyers of 63.1 billion won, while foreign and institutional investors were net sellers of 44.1 billion won and 24.7 billion won, respectively. Program trading showed a net selling volume of 37.3 billion won.

On the KOSPI, 146 stocks rose—including two that hit their daily upper price limit—while 756 stocks fell. Twelve stocks closed unchanged. On the KOSDAQ, 399 stocks rose—including seven that hit their daily upper price limit—while 1,267 stocks fell. Sixty-six stocks closed unchanged.

Some analysts in the securities industry argue that it is too early to conclude that the recent sharp decline signifies a breakdown in the artificial intelligence (AI) investment cycle. Yoo Seung-min, an analyst at SamsungSecurities, stated, “The so-called ‘AI investment bubble’ debate recently raised by some lacks evidence,” adding, “Even looking at semiconductors, the rise in stock prices has not occurred independently of profit-generating capacity, and the core of the concerns raised in the market has shifted to the question of ‘whether investment will continue.’”

Researcher Yoo noted, “The investment plans of hyperscalers continue to grow without major changes, and their core businesses are maintaining profitability,” adding, “Given that this is a response to a situation where AI-related demand is surging significantly, the expectation that demand for Korean semiconductors will also remain robust is not exaggerated.” He further pointed out, “We anticipate that the bull market in both global and Korean stock markets will continue, and we view the recent correction as mere noise.”