Kospi gains 0.23% as chip buybacks offset broad investor selling

South Korea's Kospi gained 0.23% to close at 6,835.8 points on Tuesday. Buyback-driven gains in Samsung Electronics and SK Hynix offset net selling by foreign, institutional, and retail investors. The index posted its second straight gain. The Kospi opened 0.52% lower after fresh U.S.-Iran airstrikes and a hawkish speech by Fed Chair Kevin Warsh unsettled global markets. The index recovered from a session low near 6,617 on Monday. The Dow Jones Industrial Average fell 0.7% overnight. The S&P 500 fell 0.33%. Warsh's Jackson Hole speech increased concerns about a possible rate hike at the Fed's meeting later this month. Government data showed that Korea's August exports stayed solid on strong chip demand. Samsung Electronics rose 0.38% with support from a recently announced buyback program. SK Hynix advanced 1.14% with support from a recently announced buyback program. Lee Kyung-min, an analyst at Daishin Securities, said external uncertainty weakened investor sentiment. Lee Kyung-min said strong buying from big companies supported the index. Trade volume was 263.7 million shares. Trading value was 17.5 trillion won ($12.8 billion). Advancers outnumbered decliners 444 to 421. Foreign investors sold a net 491.9 billion won. Institutions sold 634 billion won. Retail investors sold 539.8 billion won. SK Innovation gained 7.81% as oil refiners rose with crude prices. S-Oil gained 1.07%. Hanwha Aerospace fell 3.99%. Celltrion fell 0.48%. The won weakened 1.8 won to 1,370.4 per dollar as of 3:30 p.m. The article linked the currency move to broader risk-off pressure from the escalation in the Middle East.