KOSPI Opens Higher Amid FOMC Concerns, Approaching 9,000 Points

On June 18, the KOSPI is displayed on the trading board at Hana Bank's dealing room in Jung-gu, Seoul. The KOSPI opened at 8,884.92, up 20.68 points (0.23%) from the previous day, while the KOSDAQ index opened at 1,029.81, down 2.15 points (0.21%). [Photo=Yonhap News]

The KOSPI opened higher, fueled by optimism of surpassing the 9,000-point mark despite hawkish signals from the U.S. Federal Open Market Committee (FOMC). Buying interest, particularly in semiconductor stocks, pushed the index above 8,940 early in the session.

According to the Korea Exchange, as of 9:05 a.m., the KOSPI was trading at 8,942.17, up 77.93 points (0.88%) from the previous trading day. The index started at 8,884.92, reflecting an increase of 20.68 points (0.23%).

In the main stock market, individual investors led the rise with a net purchase of 378.1 billion won, while foreign and institutional investors sold a net 313.1 billion won and 69.6 billion won, respectively, indicating profit-taking behavior.

The performance of large-cap stocks was mixed, but the semiconductor sector showed strength. Notable gainers included Samsung Electronics (up 1.30%), SK Hynix (up 4.09%), SK Square (up 3.82%), Samsung Life Insurance (up 2.35%), and HD Hyundai Heavy Industries (up 1.13%). Conversely, Samsung Electro-Mechanics (down 0.34%), Hyundai Motor (down 0.97%), LG Energy Solution (down 1.92%), and Samsung C&T (down 2.45%) faced declines.

The KOSDAQ index showed relative weakness, recording a drop of 6.64 points (-0.64%) to 1,025.32 at the same time. It opened at 1,029.81, down 2.15 points (-0.21%).

In the KOSDAQ market, individual investors bought a net 51.3 billion won, while foreign and institutional investors sold a net 37 billion won and 13.7 billion won, respectively.

Most large-cap stocks in the KOSDAQ were also down, including Alteogen (down 0.40%), EcoPro BM (down 2.61%), EcoPro (down 2.52%), Rainbow Robotics (down 1.92%), Jusung Engineering (down 1.14%), Kolon TissueGene (down 2.13%), and Rino Technology (down 3.17%). However, Wonik IPS (up 3.22%) and HLB (up 1.97%) were among the few gainers.

Overnight, U.S. stock markets closed lower, with the Dow Jones Industrial Average falling 0.97%, the S&P 500 down 1.21%, and the tech-heavy Nasdaq Composite dropping 1.34%. The FOMC's hawkish interpretation was seen as a factor dampening investor sentiment.

However, analysts suggest that while a short-term pause may occur due to the FOMC's impact, the strong demand for semiconductor and AI-related large-cap stocks could support the lower end of the index.

Han Ji-young, a researcher at Kiwoom Securities, stated, "The hawkish June FOMC, or noise from the U.S.-Iran ceasefire, may expose the market to potential adjustment pressure, but I believe it will be limited to a controlled pace."

* This article has been translated by AI.