The domestic stock market rose sharply for the second consecutive trading day, recovering the KOSPI 5,300 and KOSDAQ 700 levels. U.S. company CoreWeave's earnings reaffirmed demand for artificial intelligence (AI) infrastructure, driving the rise in semiconductor stocks. Amid frequent overseas variables, experts cited Anthropic's IPO trends and the domestic options expiration on the 12th as short-term turning points.
On this day, the KOSPI index closed at 5,375.36, up 136.23 points (2.60%) from the previous trading day. The intraday range was 170.55 points. Based on Korea Exchange and NextTrade data, foreign investors made net purchases of 776 billion won, while other corporations bought a net 534.9 billion won. Retail investors sold a net 893 billion won, and institutional investors sold a net 421.5 billion won.
Semiconductor stocks widened their gains during the session, leading the index higher. Samsung Electronics closed at 206,000 won, up 7,100 won (3.57%), while SK hynix ended trading at 1,277,000 won, up 65,000 won (5.36%). Among top market capitalization stocks, SK Square and Samsung Electro-Mechanics showed strength in the 4% range, while Celltrion, LG Energy Solution, and Samsung Life Insurance rose in the 1% range.
While U.S. October consumer price index (CPI) data exceeded market expectations, heightening concerns about monetary tightening, experts assessed that CoreWeave's earnings, released after the close of U.S. stock markets on the 10th (local time), alleviated downward pressure on the domestic stock market. Additionally, news that Anthropic, which has entered its initial public offering (IPO) process, is enjoying a successful roadshow further heated up AI investment sentiment.
Lee Kyung-min, a research analyst at Daishin Securities, noted, "With approximately $9 billion in customer advances and deposits expected to flow into CoreWeave over the next three months, funding concerns have eased due to expanded collateralized loans and lower borrowing rates." He added, "Rental fees for older-generation graphics processing units (GPUs) also rose 30% to 50% compared to the previous quarter, expanding expectations for improved profitability of existing equipment."
He continued, "News emerged that Anthropic confirmed strong investment demand on the first day of its roadshow and is considering raising its corporate valuation to over $1.5 trillion. Additionally, domestic indicators showing semiconductor exports increased 331% year-on-year from the 1st to the 10th of this month supported improved investor sentiment."
The KOSDAQ market recorded a sharp rise that exceeded the previous day's gains. With program trading buy-side temporary suspension (buy sidecar) triggered for two consecutive days, the index closed at 705.10, up 37.49 points (5.62%) from the previous day.
Institutional investors made net purchases of 318 billion won, while retail investors sold a net 225.3 billion won and foreign investors sold a net 103.2 billion won. This resulted in top market capitalization stocks rising in unison. Jusung Engineering surged in the 17% range, Simtech in the 14% range, Ecopro BM in the 11% range, and Ecopro in the 10% range. Iotech also rose in the 8% range, while Rainbow Robotics and Rino Industrial expanded their gains to the 7% range.
Kang Jin-hyuk, a research analyst at Shinhan Investment Corp, stated, "The KOSPI leading price-to-book ratio (PBR) fell to 0.98 times, and with deposits decreasing to 85 trillion won and credit balances dropping to the 20th trillion won range, supply and demand conditions lightened. Overlapping positive news emerged, causing the market to react sensitively." He added, "While rumors circulated that financial authorities would hold a meeting to activate the KOSDAQ market, the Financial Supervisory Service denied this. Therefore, it appears the KOSDAQ market was largely influenced by bargain hunting based on perceptions of excessive declines."
Im Jeong-eun and Tae Yun-sun, research analysts at KB Securities, said, "Not only semiconductors but also buying pressure spread across sectors such as secondary batteries, biotech, and robotics, driving the KOSDAQ market to rebound sharply day after day." They added, "While interest rate caution and uncertainty stemming from NVIDIA remain, the AI infrastructure demand reaffirmed by CoreWeave's earnings is positive. However, attention should be paid to supply and demand volatility associated with domestic options expiration."
On this day, the won/dollar exchange rate closed at 1,333.6 won in Seoul foreign exchange market daytime trading, down 3.9 won from the previous day.
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