KOSPI rockets 18% in record-breaking rally

KOSPI surged nearly 18 percent on Friday to reclaim the 6,500 level, posting record gains in both percentage and point terms as chip stocks staged a dramatic rally.

The benchmark closed at 6,595.45, up 17.91 percent from the previous session.

It jumped immediately after the open, triggering a buy-side sidecar at 9:06 a.m., and extended gains through the session.

The only other time KOSPI rose more than 10 percent in a single day was Oct.

30, 2008.

Foreign and institutional investors led the buying, snapping up a net 7.22 trillion won ($5.06 billion) and 1.18 trillion won in shares, respectively.

Retail investors, meanwhile, net sold 8.25 trillion won.

SK hynix surged 29.95 percent to close at 1,718,000 won.

Korea's second-largest company by market value touched the 30 percent daily limit during the session.

Samsung Electronics also jumped 26.81 percent to 262,500 won, its biggest daily percentage gain on record.

The rally erased losses from the previous three sessions.

SK hynix had fallen 29.9 percent and Samsung Electronics 19.34 percent over the three trading days through Thursday.

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