KOSPI Rises by Around 2%...Samsung Electronics Gains 3% [fn Morning Market Update]

[Financial News] The KOSPI is widening its gains in early trading, supported by advances in major semiconductor stocks.
At 9:45 a.m. on the 12th, the KOSPI was trading at 6,473.55, up 128.02 points, or 2.02%, from the previous session.
The index opened 1.47% higher than the previous close at 6,438.50 and climbed as high as 6,509.04 during the session. 
In the main board market, individual investors were net sellers of 455.6 billion won, while foreigners were net buyers of 405.5 billion won and institutions of 86.8 billion won.
By sector, electric and electronics (2.96%), insurance (2.52%), and manufacturing (2.27%) were among the strongest performers. Food and tobacco (-1.23%), metals (-1.03%), and pharmaceuticals (-0.79%) were weaker.
Among the market-cap leaders, semiconductor heavyweights such as Samsung Electronics (3.55%) and SK hynix (2.04%) are showing strength. 
The gains are seen as a result of major semiconductor stocks closing higher on the New York stock market overnight. SK hynix's American depositary receipt (ADR) rose 4.7%, while memory chip makers such as SanDisk Corporation (2.68%) and Micron (0.87%) also advanced. The Philadelphia Semiconductor Index gained 0.87%.
Most of the KOSPI's top market-cap stocks are also moving higher. SK Square (6.03%), Samsung Electro-Mechanics (2.85%), LG Energy Solution (2.96%), and Hyundai Motor Company (0.62%) are all strong.
All three major indexes on the New York stock market closed lower overnight. The Dow Jones Industrial Average fell 0.34%, while the Standard & Poor's 500 Index and the NASDAQ Composite Index declined 0.32% and 0.6%, respectively.
With uncertainty lingering over whether the Strait of Hormuz will be reopened, caution ahead of the July Consumer Price Index report weighed on the market.
Han Ji-young, a researcher at Kiwoom Securities, said, "This July CPI reading could be an event that adds further support to expectations that the Federal Reserve will keep its base rate unchanged in September, which have already regained the upper hand after the weak July employment data." She added, "It is disappointing that the KOSPI's recent rebound has not been very strong, but we need to focus on the fact that abnormal volatility, which had previously caused confusion over market direction bets, is normalizing before stock prices do."
At the same time, the KOSDAQ was trading at 850.25, down 7.59 points, or 0.88%, from the previous session. The index opened 0.35% lower at 854.85 and fell as low as 839.86 during the session.
In the KOSDAQ market, individual investors were the only net buyers, purchasing 197.8 billion won. Foreigners sold 108.6 billion won worth of shares, while institutions sold 77.6 billion won.


[email protected] Park Ji-yeon Reporter