South Korea's KOSPI recoups losses with SK Hynix-led tech rally (updated)

Samsung Electronics Co

Today 08:01

KOSPI rises, foreigners net sellers
Korean won weakens against dollar
South Korea benchmark bond yield falls
Updates to market close
SEOUL, June 25 (Reuters) - South Korea's benchmark stock index continued its recovery for a second session on Thursday, as investors rushed back into the market following a historic heavyweight tech rout earlier in the week.
The benchmark KOSPI .KS11 closed up 459.28 points, or 5.42%, at 8,930.30, building on its 3.3% gain on Wednesday. Tuesday's nearly 10% drop was the steepest since March this year.
The moves underscore the volatile tug-of-war between anxiety about rising interest rates and opportunistic dip-buying in Korean tech shares.
Among index heavyweights, chipmaker Samsung Electronics 005930.KS rose 5.29%, while peer SK Hynix 000660.KS gained 13.06%, tracking a rally in U.S. chip stocks after Micron's earnings and outlook reinforced confidence in the memory sector. .N
"Micron's earnings offered confidence, or relief that blistering profit growth is yet to reach an end," said Huh Jae-hwan, an analyst at Eugene Investment Securities. 
Battery maker LG Energy Solution 373220.KS slid 3.69%, while Hyundai Motor 005380.KS and sister automaker Kia Corp 000270.KS were down 1.18% and up 0.43%, respectively. 
Of the total 916 traded issues, 291 shares advanced, while 589 declined.
Foreigners were net sellers of shares worth 835.5 billion won ($541.68 million).
The KOSPI is now up 112% so far this year, the world's best-performing equity index, thanks to phenomenal demand for chips at Samsung Electronics and SK Hynix.
The won was quoted at 1,542.7 per dollar on the onshore settlement platform KRW=KFTC, steady from its previous close at 1,542.7. 

($1 = 1,542.4100 won)

 (Reporting by Cynthia Kim and Jihoon Lee; Editing by Harikrishnan Nair and Ronojoy Mazumdar)
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