KOSPI closes 2.24% higher at 5,859.08 after early sell-off
Published on 11/02/2026 at 23:02 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSKOSPI closes higher after sharp reversal
- The KOSPI closed at 5,859.08 on November 2, 2026, up 128.34 points or 2.24 percent.
- The index reversed an early decline as institutional investors bought technology shares and other large-cap stocks.
- Investors continued to assess concerns about AI spending and Intel's weak outlook against strong South Korean semiconductor exports.
The KOSPI ended Monday's session sharply higher after recovering from an early sell-off linked to weakness in US technology stocks. According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index closed at 5,859.08 on November 2, 2026, up 128.34 points or 2.24 percent. The index reached an intraday high of 5,910.83.
Institutions lead the rebound
The index opened 1.62 percent lower but turned higher as institutional investors increased purchases. Institutions recorded net buying of KRW 1.23 trillion, while foreign and retail investors together sold a net KRW 1.72 trillion, Yonhap reported. The reversal followed a decline of more than 3 percent in the previous session and showed that domestic buying interest remained strong despite cautious foreign positioning.
Large technology stocks helped the recovery. Samsung Electronics gained 1.78 percent to KRW 229,000, while SK hynix rose 3.81 percent to KRW 1.472 million. Shipbuilding and defense-related shares were also among the stronger areas, with Hanwha Ocean advancing after its parent company announced that it had become the first South Korean company to deliver a medium landing ship to the US Navy, according to Yonhap.
AI concerns meet strong export data
The rebound came after Intel shares fell sharply on Friday following weaker-than-expected fourth-quarter revenue guidance. The setback renewed questions about the profitability of large AI investments and the effect of high memory prices on PC manufacturers. However, investors also considered whether the weakness reflected pressure on PC margins rather than a collapse in memory demand.
The Korea Times reported that South Korea's October exports reached USD 115.3 billion, while semiconductor exports rose 259.4 percent year over year to USD 56.4 billion. That export strength provided a counterweight to the external technology shock, although the newspaper noted that volatility could persist as investors assess AI spending returns and upcoming US economic and political events.
Rebound does not end volatility
Monday's gain repaired part of the previous session's decline, but the market's intraday reversal also highlighted the competing forces affecting the index. Institutional and domestic demand supported the recovery, while foreign selling and uncertainty over global technology valuations remained risks. The KOSDAQ also advanced, closing 1.38 percent higher at 734.36.
More coverage of the KOSPI is available in our topic overview.
