South Korean Stocks Rise 3.26 Percent on June 24 Rebound

South Korean stocks rose more than 3 percent on June 24 after a steep decline the previous session. The benchmark KOSPI added 267.18 points, or 3.26 percent, to finish at 8,471.02. Trade volume reached 413.4 million shares valued at 53.78 trillion won, with gainers outnumbering losers 514 to 366.

Foreign investors sold a net 4.66 trillion won of Korean stocks. Retail investors bought a net 2.63 trillion won and institutional investors purchased a net 1.92 trillion won. Wall Street closed lower overnight amid declines in memory chip and semiconductor stocks.

Samsung Electronics shares climbed 9.84 percent to 340,500 won. SK hynix rose 0.98 percent to 2.58 million won and LG Energy Solution advanced 0.97 percent to 365,500 won. SK Square fell 1.8 percent to 1.79 million won, Samsung Electro-Mechanics declined 1.31 percent to 1.96 million won and Hyundai Motor slipped 0.39 percent to 509,000 won.

"The KOSPI turned higher on bargain hunting following the previous day's steep decline," Lee Kyung-min, an analyst at Daeshin Securities, said. Lee added that investor caution persisted ahead of Micron Technology's earnings announcement and the release of the U.S. personal consumption expenditures price index for May.

The Korean won traded at 1,541.8 won per U.S. , down 2.7 won from the prior session. The three-year Treasury yield closed at 3.772 percent, up 0.2 basis point, while the five-year government bond yield finished at 4.014 percent, down 0.2 basis point.