Roundup: S. Korean stocks surge after rollercoaster ride

SEOUL, June 12 (Xinhua) -- South Korean stocks surged over 4 percent on Friday to wrap up the week with a sharp rebound after a rollercoaster ride.

The benchmark KOSPI soared 359.67 points, or 4.63 percent, to close at 8,123.62, while the smaller KOSDAQ spiked 32.12 points, or 3.22 percent, to finish at 1,029.05.

The stock market exhibited extreme, rollercoaster volatility throughout the week, with multiple sidecars triggered in both the KOSPI and KOSDAQ markets.

The sidecar is activated when the benchmark futures index fluctuates for at least one minute by 5 percent for KOSPI and 6 percent for KOSDAQ, which also requires a 3 percent spot index move, leading to a temporary halt of program trading for five minutes.

After hitting historic highs earlier this month, the KOSPI dropped over 8 percent Monday, triggering circuit breakers in both the KOSPI and KOSDAQ markets amid emerging concerns about interest rate hikes in the United States and U.S. semiconductor stocks sell-offs.

The circuit breaker is issued in stages when the KOSPI or KOSDAQ dives by 8 percent, 15 percent and 20 percent.

The first two stages halt trading for 20 minutes, followed by a 10-minute single price auction, while the final stage instantly shuts down the market for the day.

The KOSPI jumped over 8 percent on Tuesday, showing a V-shaped rebound as the global tech rally pushed higher heavyweights such as Samsung Electronics and SK hynix.

The benchmark index tumbled back down on Wednesday on the back of the weaker South Korean won and worry about the U.S. inflation, but the KOSPI managed to end higher on Thursday.

The KOSPI staged a powerful recovery on Friday, fueled by news of a potential U.S.-Iran peace deal that drastically boosted sentiment among foreign investors.

Foreigners turned into net buyers in 25 trading days in the KOSPI market, leading the dramatic market rally.

Institutional investors recorded net purchases in the KOSPI, but retail investors were net sellers to take recent profits, causing the KOSPI to trim earlier gains in the afternoon session.

The South Korean won versus the U.S. dollar exchange rate finished its daytime session at 1,519.8 won per dollar as of 3:30 p.m. local time (0630 GMT), down 9.1 won from the previous session's daytime close.

Market bellwether Samsung Electronics and memory chip giant SK hynix jumped 7.86 percent and 2.33 percent.

The country's top automaker Hyundai Motor gained 1.68 percent, and the largest battery maker LG Energy Solution picked up 4.03 percent.

The No. 1 biopharmaceutical contract manufacturer Samsung Biologics rose 0.7 percent, and the leading aerospace and defense company Hanwha Aerospace spiked 6.31 percent.

The biggest shipbuilder HD Hyundai Heavy Industries increased 0.62 percent, and the energy infrastructure leader Doosan Enerbility was up 5.08 percent. Enditem