News

KOSPI surges 12% after worst day on record, set for best session everWednesday's fall on the KOSPI was the worst day for the index on record. On the flip side, if it holds these gains, it will also become the best day on record for the index.By CNBCTV18.com March 5, 2026, 6:27:32 AM IST (Published)2 Min Read(Photo Credit : Reuters)South Korea's benchmark index KOSPI surged as much as 12% on Thursday, March 5, reversing all the losses that it made in the previous trading session.

The country's smallcap index KOSDAQ also surged as much as 11%, reversing days of sharp selling due to the US-Iran war, and the consequent surge in oil prices.

Wednesday's fall on the KOSPI was the worst day for the index on record. On the flip side, if it holds these gains, it will also become the best day on record for the index.

CNBC-TV18 had explained on Wednesday that a major reason behind the fall on the KOSPI was not just profit booking due to the recent outperformance, but also due to the heavy-stock concentration. Its two index heavyweights, Samsung Electronics, and SK Hynix, constitute nearly 50% of the total index weightage.

Along with the KOSPI, other Asian indices are also staging a rebound after sentiments improved slightly on Wall Street and easing concerns over surging oil prices. The Nikkei 225 index in Japan is up over 4%, while futures in Hong Kong are also pointing towards a positive start to the trading session.

South Korean indices also sold off due to the rise in oil prices and the stoppage of LNG exports by Qatar due to the war.

Megacap tech stocks had led the rebound on Wall Street with the Nasdaq surging over 1%, aided by Nvidia, AMD and Amazon.

Brent Crude currently trades below Wednesday's intraday high, which was over $84 per barrel, while the US Dollar index has also cooled off to trade below the mark of 99.Continue ReadingTagsasian marketsKOSPINikkei 225