The KOSPI index surpassed 7,000, buoyed by a rally in semiconductor stocks following the launch of OpenAI's new artificial intelligence model. Although it was approaching Witches' Day (the 10th), when futures and options on stock indices and individual stocks expire, as well as the release of U.S. inflation data, the index continued to rise on expectations for the AI industry.
As of 10:35 a.m. on the 9th, the KOSPI was trading up 113.80 points (1.64%) from the previous session at 7,068.32.
The index opened at 6,972.87, up 18.35 points (0.26%), and widened its gains to as much as 7,070.36, a rise of 115.84 points (1.67%) early in the session. Institutional investors were net buying 282.3 billion won, while foreign investors and individuals were net selling 175.2 billion won and 549.1 billion won, respectively.
Samsung Electronics was trading up 4,000 won (1.48%) at 273,500 won. SK Hynix was quoted up 70,000 won (3.90%) at 1.863 million won.
Although tensions in the Middle East have risen again, a rally in U.S. semiconductor stocks triggered by the launch of OpenAI's ChatGPT-6 Astra has spilled over into domestic semiconductor stocks. On the 8th (local time), the Dow Jones Industrial Average fell 1.18%, while the S&P 500 and NASDAQ indices dropped 0.58% and 0.32%, respectively. In contrast, the Philadelphia Semiconductor Index rose 1.30%, supported by a rally in semiconductor stocks, with Intel surging more than 9%. Despite oil prices spiking amid renewed Middle East risks during the weekend and the U.S. Labor Day holiday, buying pressure continued to flow into semiconductor stocks.
Kiwoom Securities researcher Han Ji-young said, "Compared to the period when military clashes between the U.S. and Iran resumed in August and when the 10th-year U.S. Treasury yield entered the 4.8% range, overall stock market correction pressure has been limited." She added, "It can be inferred that the stock market is developing resilience due to repeated exposure to macroeconomic and geopolitical variables."
Among top market capitalization stocks, Samsung Electric (2.92%), SK Square (0.80%), Samsung C&T (0.65%), Samsung Electronics Preferred (0.40%), LG Energy Solution (0.14%), and Hyundai Motor (0.13%) also rose.
At the same time, the KOSDAQ was trading up 16.34 points (2.01%) at 828.22. After opening at 815.06, up 3.18 points (0.39%), it rose to as high as 830.87, a gain of 18.99 points (2.34%), before slightly narrowing its gains.
Foreign investors and institutional investors were net buying 174.3 billion won and 13.4 billion won, respectively, while individuals were net selling 186.4 billion won.
Top market capitalization stocks included Semtix (7.55%), Juseong Engineering (6.89%), HPSP (6.38%), Wonik IPS (4.06%), Rainbow Robotics (3.81%), Rino Industrial (2.90%), IOTech (2.02%), EcoPro BM (1.53%), EcoPro (0.99%), and AlteoGen (0.72%). All rose, centered on semiconductor equipment stocks.
However, concerns remain that the KOSPI could face resistance near 7,000 due to renewed U.S.-Iran tensions and growing apprehension over the August U.S. Consumer Price Index (CPI) data to be released on the 11th (local time).
Witches' Day scheduled for the domestic stock market on the 10th is also cited as a variable. Market experts advised that investors should be cautious about short-term volatility, as profit-taking volumes from position closures may emerge during periods when futures and options maturities approach. The U.S. Producer Price Index (PPI) and Consumer Price Index (CPI), to be released on the 10th and 11th respectively at local time in the U.S., are also approaching.
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