South Korean Markets Rebound Sharply as Tech Giants Lead Recovery
South Korean stocks closed sharply higher on Tuesday, marking a rebound from the previous session's 8.3% plunge, thanks to strong gains made by technology stocks. Market heavyweights Samsung Electronics (KRX:005930) and SK Hynix (KRX:000660) added nearly 9% and 16%, respectively, at market close.The Korea Composite Stock Price Index or Kospi rose 612.52 points, or 8.2%, to end at 8,096.93. The Kosdaq also increased by 56.42 points, or 6.2%, to close at 967.81.The volatility prompted the Korea Exchange to deploy "sidecar" mechanisms. It activated a five-minute buy-side sidecar on the country's primary and secondary stock markets on Tuesday morning.A buy-side sidecar was activated for the KOSPI market at 9:12 a.m. after KOSPI200 Futures rose 5.2%. A similar measure was triggered for the KOSDAQ at 9:28 a.m. following a 6.62% jump in KOSDAQ150 Futures.A buy-side sidecar is activated when the KOSPI200 Futures index or the KOSDAQ150 futures rise 5% or more for at least one minute.In corporate news, chipmaker SK Hynix placed an order with Hanmi Semiconductor (KRX:042700) for TC Bonder 4.5 Griffin equipment for HBM4 manufacturing, according to a Monday filing with the Korea Exchange.The contract, worth 44.2 billion won, is valid until Sept. 2.Shares of Hanmi Semiconductor added over 9% at market close.In other news, Xi S&D (KRX:317400) secured a contract worth 141.1 billion won to build an apartment complex and neighborhood commercial facilities in Busan, according to a Tuesday filing with the Korea Exchange.The project comprises the construction of six basement levels and 45 above-ground floors on a site located at Busan's 1394-335 Jung-dong, Haeundae-gu, the filing said.The construction is expected to take 48 months.Shares of Xi S&D, which engages in construction, housing development, and home solution businesses, rose over 3% at market close.