South Korean stocks surge over 4%, recovering from 'Black Monday' plunge; buy-side cars activated

South Korea's KOSPI index experienced a dramatic rebound on June 9, surging more than 4% to surpass the 7,800-point mark. This recovery followed a steep decline of over 8% the previous trading day, which had triggered circuit breakers and sell-side cars.

The market's turnaround was significantly driven by the recovery of major technology stocks. Samsung Electronics, the country's semiconductor giant, saw its shares climb 4.23% to trade above 308,000 won. SK Hynix also posted a strong performance, rising 7.22% to trade above 2.04 million won. Both companies had experienced sharp drops the day before, falling below the 300,000 and 2 million won thresholds, respectively.

The rebound in the U.S. stock market and a wave of bargain hunting among investors fueled the upward trend in Seoul. The KOSPI's sharp recovery prompted the activation of buy-side cars on both the KOSPI and KOSDAQ markets, a measure to stabilize trading by temporarily pausing program buy orders. This occurred just one day after sell-side cars and circuit breakers were triggered.