The KOSPI index surged to just below the 7000 mark, driven by significant gains in major semiconductor stocks like Samsung Electronics and SK Hynix. Foreign and institutional investors each made net purchases exceeding 2.5 trillion won, propelling the index higher.
On September 7, the KOSPI closed at 6995.39, up 308.18 points (4.61%) from the previous trading day, leaving it just 4.61 points shy of the 7000 mark. During the session, the index reached as high as 6995.40, coming close to the milestone.
In the main stock market, foreign and institutional investors bought a net 2.55 trillion won and 2.63 trillion won worth of shares, respectively, boosting the index. In contrast, individual investors sold a net 6.82 trillion won. Program trading showed a net buying advantage of 1.86 trillion won, with 228.6 billion won in arbitrage trading and 1.63 trillion won in non-arbitrage trading.
Semiconductor stocks led the market rally. Following the recent unveiling of OpenAI's new artificial intelligence (AI) model, expectations grew for increased demand for AI computing and memory semiconductors, reviving investor sentiment. On September 4, major memory semiconductor stocks like Micron and SanDisk surged in the U.S. market, with the Philadelphia Semiconductor Index rising by 3.38%.
Samsung Electronics, the top company by market capitalization, closed at 270,000 won, up 5.68%. SK Hynix saw an 8.26% increase, finishing at 1,783,000 won. Other large-cap stocks also rose, including SK Square (8.07%), Samsung Electronics Preferred (4.18%), Samsung Life (4.87%), Samsung Electro-Mechanics (3.78%), Hyundai Motor (2.48%), KB Financial (2.27%), Samsung Biologics (1.31%), and LG Energy Solution (1.12%).
The KOSDAQ also closed higher, with the index rising 8.69 points (1.07%) to 822.19. It peaked at 828.85 during the session but gave back some gains in the afternoon.
In the KOSDAQ market, individual investors made a net purchase of 186.9 billion won, while foreign and institutional investors sold a net 67.5 billion won and 131.2 billion won, respectively. Unlike the KOSPI, the selling pressure from foreign and institutional investors limited the index's gains.
Among the top market-cap stocks, JUSUNG Engineering rose 4.99%, while IOTech (2.93%), Rino Technology (2.70%), Wonik IPS (2.44%), EcoPro BM (0.66%), and EcoPro (0.12%) also saw increases. Conversely, Rainbow Robotics (-2.40%), Roboteers (-0.99%), and Alteogen (-0.87%) experienced declines.
The sharp rise in the KOSPI contrasts with the decline of all three major U.S. stock indices on September 4. The Dow Jones Industrial Average fell by 0.51%, the S&P 500 dropped by 0.38%, and the Nasdaq Composite decreased by 0.29%. However, the strong performance of semiconductor stocks continued to provide a tailwind for the domestic market.
* This article has been translated by AI.
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