KOSPI Smiles Broadly for the First Time in a While... SK hynix Surges More Than 8% [fn Market Close]

[Financial News] The KOSPI Composite Index recovered to just below the 7,000 mark, buoyed by a sharp rise in Samsungnix. Foreign investors and institutions each made net purchases exceeding KRW 2.5 trillion, lifting the index. According to the Korea Exchange (KRX), the KOSPI Composite Index closed at 6,995.39 on the 7th, up 4.61% from the previous trading day. Based on the closing price, it was just 4.61 points short of the 7,000 mark.
In the KOSPI Composite Index, foreign investors and institutions led the advance with net purchases worth KRW 2.5533 trillion and KRW 2.6327 trillion, respectively. Individual investors, meanwhile, made net sales worth KRW 6.8212 trillion.
Semiconductor stocks led the market's gains. Investor sentiment improved as expectations grew that the release of OpenAI's new artificial intelligence (AI) model would boost demand for AI computing and memory semiconductors. On the U.S. stock market on the 4th (local time), major memory semiconductor stocks, including Micron Technology and SanDisk, surged, while the Philadelphia Semiconductor Index (SOX) rose 3.38%.
Samsung Electronics, the company with the largest market capitalization, closed at KRW 270,000, up 5.68% from the previous trading day. SK hynix surged 8.26% to close at KRW 1.783 million. Other large-cap stocks also rose across the board, including SK Square (8.07%), Samsung Electronics preferred shares (4.18%), Samsung Life Insurance (4.87%), Samsung Electro-Mechanics (3.78%), Hyundai Motor (2.48%), KB Financial Group (2.27%), Samsung Biologics (1.31%), and LG Energy Solution (1.12%).
The KOSDAQ also closed higher. The KOSDAQ index gained 1.07% from the previous trading day to finish at 822.19. In the KOSDAQ market, individual investors made net purchases worth KRW 186.9 billion, while foreign investors and institutions made net sales worth KRW 67.5 billion and KRW 131.2 billion, respectively.
Among the stocks with the largest market capitalizations, Jusung Engineering rose 4.99%, while EO Technics (2.93%), LEENO Industrial (2.70%), WONIK IPS (2.44%), ECOPRO BM (0.66%), and EcoPro (0.12%) also gained. In contrast, Rainbow Robotics (-2.40%), ROBOTIS (-0.99%), and Alteogen (-0.87%) declined.
Lee Kyung-min, a researcher at Daishin Securities, said, "South Korea's stock market has settled above the 6,900 level, supported by net purchases from foreign investors and institutions. Although the possibility of a September rate hike by the Federal Open Market Committee (FOMC) remains predominant and international oil prices continue to rise, a strong rebound in the semiconductor sector is driving the index higher."
[email protected] Han Young-jun Reporter