KOSPI fails to reclaim 7,000 as 5% intraday surge fades

The KOSPI failed to reclaim the 7,000 mark, Wednesday, paring most of its gains after surging more than 5 percent, as caution ahead of Alphabet's earnings and concerns over rising oil prices weighed on investor sentiment. The benchmark closed at 6,797.70, up 0.

74 percent from the previous session. It opened 4.51 percent higher and extended its gains to the 7,000 level.

A buy-side sidecar was triggered at 9:06 a.m., marking the 20th such activation on Korea’s main bourse this year.

Foreign investors led the buying spree, purchasing 2.62 trillion won ($1.7 billion) worth of shares.

Institutional and retail investors net sold 1.38 trillion won and 1.23 trillion won worth of shares, respectively.

The secondary Kosdaq extended its decline, falling 0.3 percent to 751.09.

Despite the efforts, the index returned to the level seen before President Lee Jae Myung's inauguration. Investor sentiment toward the semiconductor sector improved overnight after Nvidia announced that its Vera Rubin platform had entered mass production and begun shipping. Reports that TSMC had raised its chip foundry price