KOSPI Hits Another Record High Rally... Jumps from 8,500 to 8,800 in One Day [Morning Market Update]

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[Financial News] The KOSPI is climbing more than 300 points in a single day, rising from the 8,500 level to the 8,800 level on strong institutional buying. Backed by gains in U.S. stocks and expectations for NVIDIA CEO Jensen Huang's visit to South Korea, the index is now eyeing a move above 9,000.
\r\nAt 10:55 a.m. on the 1st, the KOSPI was trading at 8,843.27, up 367.12 points, or 4.33%, from the previous session.
\r\nThe index opened at 8,485.67, up 0.11% from the previous close, but widened its gains during the session. It broke above 8,500 shortly after the open, then moved past 8,600, 8,700 and 8,800.
\r\nIn the main board market, institutions are driving the index higher with net purchases worth 1.6798 trillion won. Retail investors showed a net buying position of 181.3 billion won, while foreigners sold 1.7505 trillion won.
\r\nBy sector, electrical and electronics stocks were up 5.14%. Insurance rose 4.89%, manufacturing 4.27% and telecommunications 3.0%, all posting strong gains.
\r\nAmong the largest-cap stocks, Samsung Electronics was trading at 347,500 won, up 9.62% from the previous close. Samsung Electronics Preferred Shares were also up 15.06%. SK hynix and SK Square rose 1.41% and 2.60%, respectively. LG Electronics climbed 27.13%, nearing the daily upper limit. In contrast, Samsung Electro-Mechanics fell 4.28%, and LG Energy Solution dropped 1.31%.
\r\nOn the New York stock market, all three major indexes closed at record highs on the 29th of last month local time. The Dow Jones Industrial Average (DJIA) rose 363.49 points, or 0.72%, to 51,032.46, finishing above 51,000 for the first time ever. The S&P 500 Index gained 16.43 points, or 0.22%, to 7,580.06, while the Nasdaq Index rose 55.15 points, or 0.20%, to 26,972.62. Risk appetite improved after U.S. President Donald Trump signaled that he would announce a final decision on a peace agreement with Iran and said some issues had already been settled.
\r\nExpectations are also growing that Jensen Huang, CEO of NVIDIA, will strengthen cooperation with major South Korean companies during his visit this week.
\r\nHan Ji-young, a researcher at KIWOOM Securities Co., Ltd., said, "This week, the KOSPI is expected to be influenced by the process of the ceasefire agreement between the United States and Iran, the U.S. nonfarm payroll data for May, whether semiconductor stocks will extend their rally after Broadcom's earnings, and Jensen Huang's visit to South Korea."
\r\nThe KOSDAQ was trading at 1,052.58, down 22.22 points, or 2.07%, from the previous session. The index opened at 1,072.77, down 0.19% from the previous close, and then widened its losses to fall to the 1,050 level.
\r\nIn the KOSDAQ market, foreigners showed a net buying position of 290.9 billion won, while retail investors sold 271.8 billion won and institutions sold 12.3 billion won.
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nodelay@fnnews.com Park Ji-yeon Reporter