KOSDAQ Stocks Rise 3.6% Led by Biotech Gains on May 23

The KOSDAQ index rose 3.60% to 778.15 points as of 1:20 PM on May 23, driven primarily by biotech stocks rather than semiconductor shares. Alteogen, the sector's leading stock, gained 9.89% while PharmResearch surged 12.56% and Ligachem Biosciences added 6.82%. The rally occurred as the index broke above the 770-point level it had traded below since closing at 791.84 on the 16th of this month.

Alteogen and Biotech Stocks Lead KOSDAQ Gains

Alteogen traded at 294,500 won, up 26,500 won (9.89%) from the previous session on May 23. Other major biotech stocks posted significant gains: PharmResearch rose 12.56%, Ligachem Biosciences increased 6.82%, ABL Bio climbed 5.62%, HLB advanced 3.89%, and Samchundang Pharmaceutical added 3.80%.

The KOSDAQ index opened at 762.19 points, up 11.10 points (1.48%) from the previous trading day, and touched an intraday high of 780.37 points. According to the Korea Exchange, the index's performance on May 23 marked a departure from its recent trading pattern below 770 points.

Semiconductor Stocks Show Mixed Performance

KOSDAQ semiconductor stocks displayed varied results on May 23, contrasting with the strong performance of their KOSPI counterparts. Jusung Engineering declined 1.11%, PSK fell 1.91%, and TES dropped 4.03%. Meanwhile, Wonik IPS rose 1.43%, Lino Industrial gained 1.25%, Symtek added 0.31%, and Phadu increased 1.85%.

The KOSPI index rose over 3% on May 23, led by Samsung Electronics and SK Hynix, following Alphabet's announcement of expanded AI-related capital expenditure guidance. This announcement eased concerns about a semiconductor industry peak-out.

Alphabet AI Spending Announcement Impacts Market Sentiment

Alphabet stated it would expand its AI-related capital expenditure guidance, which reduced semiconductor peak-out concerns. This development drove gains in major KOSPI semiconductor stocks, while KOSDAQ's biotech sector attracted buying interest following recent price declines in those stocks.

FAQ

What caused KOSDAQ stocks to rise 3.6% on May 23? Biotech stocks led the KOSDAQ index to a 3.60% gain, reaching 778.15 points as of 1:20 PM on May 23. Alteogen rose 9.89%, PharmResearch gained 12.56%, and Ligachem Biosciences added 6.82%, outperforming semiconductor stocks on the index.

How did KOSDAQ semiconductor stocks perform on May 23? KOSDAQ semiconductor stocks showed mixed results on May 23. Jusung Engineering fell 1.11%, PSK declined 1.91%, and TES dropped 4.03%, while Wonik IPS rose 1.43%, Lino Industrial gained 1.25%, and Phadu increased 1.85%.