The Bank of Korea Monetary Policy Board raised the base rate to 3%, offsetting the 'Nvidia effect,' and KOSPI closed with gains over 1%. At the market open, Samsung Electronics and SK Hynix surged by 3% to 4%, but their gains narrowed before trading concluded.
On the 26th, KOSPI closed up 104.16 points (1.53%) from the previous session at 6,912.37.
KOSPI opened the day up 187.19 points (2.76%) at 6,996.12, but turned to a near-flat performance in the 0th% range after news of the base rate hike emerged. Pushed down to the 6,840 level by 10:01 a.m., KOSPI rebounded to gains over 1% thanks to buying from foreign investors and institutional investors.
As of 4 p.m. on this day, individuals sold net 1.9121 trillion won in the KOSPI market, while foreigners bought net 135.5 billion won and institutional investors bought net 181.4 billion won.
Samsung Electronics and SK Hynix, which initially rose by 3% to 4%, closed with gains narrowed to 1% to 2%. Samsung Electronics closed up 4,500 won (1.72%) at 266,000 won from the previous session, while SK Hynix closed up 42,000 won (2.49%) at 1.73 million won.
Lee Kyung-min, a researcher at Daishin Securities, stated, "As foreign investors' supply dried up and individual investors increased net selling, KOSPI's gains narrowed." He added, "Nvidia's strong earnings boosted investment sentiment across the semiconductor sector overall, but the Bank of Korea Monetary Policy Board's 0.25 percentage point base rate hike triggered caution."
The researcher continued, "Despite relief over U.S. PCE (personal consumption expenditures) inflation data and Nvidia's solid performance, the market is awaiting the Jackson Hole meeting." He noted, "Continued concerns about the Federal Reserve's tightening stance limited further upward momentum in the stock market."
Among other top market capitalization stocks, SK Square, KB Financial Group, and Doosan Enerbility remained near flat. LG Energy Solution and Hanwha Aerospace showed strong gains over 5%, while Samsung Electric rose over 4%. Samsung Biologics and Samsung Life Insurance were slightly down, Hyundai Motor fell over 2%, and Samsung C&T declined over 3%.
By sector, electrical & electronics, metals, and manufacturing each fell over 2%. Medical & precision instruments rose over 1%, while construction, finance, and transportation & warehousing remained near flat. Telecommunications and securities were slightly down, and pharmaceuticals, insurance, real estate, and food & tobacco each declined over 1%. Electrical & gas and retail sectors closed with declines of over 2% each.
KOSDAQ closed up 10.78 points (1.30%) from the previous session at 837.65 points.
The KOSDAQ market initially turned near flat immediately after the Bank of Korea interest rate hike, but shifted to a strong trend thanks to net buying by foreign investors. As of 4 p.m., individuals sold net 149.7 billion won, while institutional investors bought 62.5 billion won and foreigners bought 88.4 billion won.
With recovery in semiconductor sector investment sentiment, Semtech surged over 12%. EcoPro and EcoPro BM showed strong gains over 5%. RAINBOW Robotics rose over 4%, while Juseung Engineering and Wonik IPS each gained over 1%. HLB and Pharmascience fell by 2%.
In KOSDAQ, finance and electrical & electronics sectors rose over 3%. Machinery & equipment gained over 2%, while manufacturing, construction, chemicals, paper & wood, and metals each rose over 1%. Retail, pharmaceuticals, and food & tobacco remained near flat, and entertainment & culture declined by 1%.
On this day, the won-dollar exchange rate in Seoul's foreign exchange market closed at 1,380.9 won, down 3.9 won from the previous day's closing price.
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