KOSPI and KOSDAQ Surge at Close Despite U.S. Big-Step Concerns [fn Market Close]

[Financial News] The KOSPI, which had been weak early in the session amid concerns over a U.S. big step, turned higher on the 11th and recovered the 5,300 level. The KOSDAQ surged more than 5%, topping 700.
According to the Korea Exchange (KRX), the KOSPI ended the session at 5,375.36, up 136.23 points (2.60%) from the previous day. The index opened at 5,209.71, down 29.42 points (0.56%) from the previous close, before turning higher.
On the main board, foreign investors, who had been net sellers early in the session, switched to net buying and purchased 659 billion won. Individual and institutional investors were net sellers, offloading 716 billion won and 482 billion won, respectively.
By stock, Samsung Electronics closed at 206,000 won, up 3.57% from the previous day. SK Hynix ended at 1,277,000 won, up 5.36%. Both stocks, which had fallen early in the session, turned higher.
Among the top stocks by market capitalization, SK Square (4.74%), Samsung Electro-Mechanics (4.65%), LG Energy Solution (1.51%), Samsung Life Insurance (1.23%) and KB Financial Group (0.39%) rose. Samsung Biologics (-2.59%) and Hyundai Motor (-0.91%), among others, fell.
The KOSDAQ closed at 705.10, up 37.49 points (5.62%) from the previous day. The index opened at 668.48, up 0.87 points (0.13%), and extended its gains. A buy-sidecar was triggered at around 11:28 a.m., marking the second consecutive day it had been activated.
On the KOSDAQ, institutional investors were net buyers of 314 billion won. Individual and foreign investors were net sellers of 186 billion won and 132 billion won, respectively. A total of 1,278 stocks rose and 399 fell, while 76 ended unchanged.
Gains were particularly strong among semiconductor materials, parts and equipment stocks and secondary battery stocks. PSK Holdings (17.75%), Jusung Engineering (17.14%), Wonik IPS (16.52%), Simmtech (14.07%), HPSP (10.01%), ISC (9.78%), EO Technics (8.43%) and Leeno Industrial (7.00%), among others, rose. EcoPro BM and EcoPro gained 11.39% and 10.03%, respectively.
Alteogen Inc. (4.08%), Rainbow Robotics (7.08%), Robotis (9.52%) and Sam Chun Dang Pharm. Co., Ltd. (3.91%), among others, also rose. HLB, by contrast, fell 1.16%. 
The KOSPI's weakness early in the session appeared to stem from concerns about a benchmark rate hike following rising U.S. inflation. Overnight on Wall Street, all three major stock indexes fell as the possibility of a rate hike came into focus after the U.S. Consumer Price Index (CPI) for October came in above market expectations. Before the CPI release, Federal Reserve (Fed) Governor Christopher J. Waller also raised the possibility of a 50-basis-point rate hike, a “big step,” saying, “If core CPI inflation comes in around 0.3% or higher, stronger policy action may be needed.” 
However, third-quarter results released after the previous day's close on Wall Street by U.S. AI data center company CoreWeave came in above market expectations, changing the weak mood early in the session. This was seen as easing some concerns surrounding AI investment.


[email protected] Joo Won-gyu Reporter