Institutional Buying Pushes KOSPI Higher as SK hynix Hits Record High [Fn Afternoon Market Report]

[Financial News] The KOSPI (Korea Composite Stock Price Index) reversed course and moved into positive territory in the afternoon as buying flowed into major semiconductor stocks. It is now approaching the 9,000 level.
At 2 p.m. on the 17th, the KOSPI was trading at 8,796.43, up 69.83 points, or 0.80%, from the previous session. The index opened down 1.2% at 8,622.13, but turned higher in afternoon trading. At one point during the session, it rose as much as 0.83% to 8,799.38.
In the KOSPI Market, individual investors were net buyers of 1.0668 trillion won, while institutions bought a net 122 billion won. Foreign investors were net sellers of 1.1364 trillion won.
By sector, electricity and gas services rose 2.56%, textiles and apparel gained 1.43%, and electrical and electronics advanced 1.41%. Construction fell 4.90%, distribution dropped 3.19%, and securities declined 1.79%.
Among the largest companies by market capitalization, Samsung Electronics slipped 0.58%, while SK hynix and SK Square surged 4.37% and 6.53%, respectively, hitting all-time highs.
Elsewhere, Samsung Electro-Mechanics and Hyundai Motor Company fell 2.10% and 3.59%, respectively, while LG Energy Solution and Samsung Life Insurance rose 1.22% and 1.51%.
Overnight, U.S. stocks saw profit-taking in semiconductor names such as Micron, down 6.2%, and Intel Corporation, down 8.5%, as investors waited for the June Federal Open Market Committee (FOMC) meeting, despite hopes for a ceasefire agreement between the United States and Iran. Money pulled out of tech stocks shifted into SpaceX-related themes, leveraged exchange-traded funds (ETFs), and options listings.
The domestic market opened lower earlier in the day on the back of weakness in U.S. tech stocks, but later turned higher as gains centered on SK hynix pushed the index upward.
"With caution still lingering ahead of the June FOMC and the simultaneous expiration of U.S. futures and options, the domestic market recovered its losses as funds flowed into industrial names such as SK hynix," said Kang Jin-hyuk, an analyst at Shinhan Securities.
At the same time, the KOSDAQ was trading at 1,030.56, up 11.88 points, or 1.17%, from the previous session. The index opened 0.12% higher at 1,019.88 and then extended its gains.
In the KOSDAQ market, individual investors were net buyers of 19.4 billion won, and institutions bought a net 22 billion won. Foreign investors were net sellers of 44.6 billion won.

nodelay@fnnews.com Park Ji-yeon Reporter