SEOUL, South Korea — South Korea's benchmark KOSPI index closed higher Thursday, rising 45.12 points, or 0.62 percent, to 7,291.91, recovering modestly from a steep two-day rout as strong investor demand for SK Hynix's planned Nasdaq listing helped restore some confidence in the country's battered semiconductor sector.

The rebound followed a punishing selloff earlier in the week that had briefly pushed the KOSPI into bear market territory. The index plunged 4.91 percent Tuesday and a further 5.35 percent Wednesday, closing at 7,246.79, its lowest level since May 20 and more than 20 percent below the index's June 22 record of 9,114.55, the threshold traders use to confirm a bear market. Thursday's opening bell offered immediate relief, with the KOSPI jumping as much as 3.3 to 3.7 percent in early trading before settling into a more modest close as the session progressed.

The rebound was driven largely by renewed strength in the two chipmakers that dominate the index. SK Hynix climbed 5.83 percent Thursday, while Samsung Electronics edged up a more modest 0.36 percent, both recovering a portion of the sharp declines suffered a day earlier. Semiconductor shares found support after reports confirmed that SK Hynix's planned U.S. American Depositary Receipt offering had been oversubscribed by more than seven times, reflecting strong investor demand for the memory chipmaker despite the broader volatility gripping the sector. Other notable gainers Thursday included SK Square, up 4.80 percent, SK Inc., up 2.36 percent, LS Electric, up 2.13 percent, and Hyosung Heavy Industries, up 3.87 percent.

Sentiment was further........

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