U.S. markets were closed for Labor Day, while European stocks showed mixed results amid anticipation of the European Central Bank (ECB) monetary policy meeting, rising international oil prices, and concerns over increasing government bond yields in major countries. The domestic market is expected to see profit-taking in semiconductor stocks, which surged the previous day.
On September 8, financial investment industry sources reported that the German DAX and the UK FTSE 100 indices fell by 0.15% and 0.08%, respectively, while the French CAC 40 and Euro Stoxx 50 indices rose by 0.33% and 0.17%. European semiconductor stocks, including Infineon (up 6.91%) and ASML (up 2.25%), showed strength.
International oil prices and government bond yields in Europe increased. Brent crude oil briefly surpassed $98 per barrel amid ongoing military tensions between the U.S. and Iran. The outlook for ECB interest rate hikes and concerns over budget deficits following elections in Germany's Saxony-Anhalt also contributed to upward pressure on bond yields.
The domestic market may enter a consolidation phase early in the trading session, particularly in semiconductor stocks. As of 8:15 a.m. in the NXT pre-market, Samsung Electronics was trading at 269,500 won, down 0.19% (500 won) from the previous trading day. SK Hynix also recorded a decline of 0.17% (3,000 won), trading at 1,786,000 won. Other major semiconductor and technology stocks, including SK Square (-0.27%), Hanmi Semiconductor (-0.62%), and Samsung Electro-Mechanics (-0.55%), were also in the red.
The previous day, the domestic market surged due to strong U.S. employment data for August, which raised concerns about a potential interest rate hike by the Federal Reserve in September, but was buoyed by optimism surrounding artificial intelligence (AI). Samsung Electronics and SK Hynix led the index's rise, increasing by 5.7% and 8.3%, respectively.
Han Ji-young, a researcher at Kiwoom Securities, stated, "Today, we expect profit-taking to occur following yesterday's short-term surge, influenced by the direction of U.S. 10-year Treasury yields and news flow related to the U.S.-Iran situation, leading to sector differentiation in the market."
Recently, the domestic market has shown clear sector rotation. Sectors that performed well last month, such as cosmetics, IT electronics, chemicals, and non-ferrous metals, have seen declines of 7.9%, 4.9%, 4.3%, and 4.0%, respectively, this month. In contrast, semiconductors, which fell by 1.5% last month, have risen by 5.2% as of September 7, placing them among the top-performing sectors, alongside energy, which rose by 5.7%.
Notably, foreign investors net bought approximately 2.6 trillion won in the KOSPI, with 2.3 trillion won specifically in the semiconductor sector. Whether this buying trend continues during the price correction phase will be a key factor influencing semiconductor stock movements.
A researcher noted, "The important aspect is whether the continuity of foreign net buying is maintained during the price correction phase. We will also watch for sector rotation into other AI infrastructure sectors, such as IT hardware and power equipment, as well as consumer goods and shareholder return-related sectors, during this period of consolidation for semiconductors."
They added, "If this virtuous cycle of sector rotation continues, it will support our previously suggested scenario of the KOSPI breaking above the 7,000 mark in September and establishing a recovery path with higher lows."
* This article has been translated by AI.
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