The KOSPI index has reclaimed the 7000-point mark for the first time since July 23, recovering after 34 trading days. On September 9, the index closed at 7051.64, up 1.40% from the previous trading day, driven by gains in artificial intelligence (AI) and semiconductor stocks. Despite external challenges such as rising oil prices from the Middle East and increasing U.S. Treasury yields, institutional investors' net buying of over 900 billion won absorbed significant selling from individual investors.
According to the Korea Exchange, individual and foreign investors sold a net 2.4971 trillion won and 170.2 billion won, respectively, while institutions purchased a net 900.5 billion won. The KOSDAQ also rose, closing 2.28% higher at 830.37.
Semiconductor stocks led the market's rise, with the Philadelphia Semiconductor Index (SOX) increasing by 1.3% overnight, marking its fourth consecutive day of gains. SK Hynix saw a 3.51% increase, fueled by ongoing expectations for AI growth and memory demand, which also benefited companies like Samsung Electro-Mechanics, which rose by 2.48% as part of the AI infrastructure value chain.
According to Kang Jin-hyuk, a researcher at Shinhan Investment Corp, "As top-down and bottom-up factors are in a tug-of-war, we saw a rebound in buying following the previous day's decline, alongside strong performance in AI infrastructure. The momentum from GPT-6 Astra's memory continues, leading to strength in the AI value chain centered around Samsung Electronics and SK Hynix."
The upward trend that began in semiconductors spread across various sectors. Stocks in secondary batteries, such as Samsung SDI (up 8.30%) and LG Energy Solution (up 6.46%), gained on expectations of benefiting from U.S. measures against Chinese battery companies. Additionally, Hanwha Ocean's announcement of being selected as the preferred bidder for a 680 billion won Thai frigate project boosted shipbuilding stocks, while rising oil prices led to gains in refining and chemical stocks like SK Innovation (up 11.23%) and S-Oil (up 4.08%).
Market analysts believe that despite ongoing external uncertainties, the performance and demand momentum of AI-related stocks will provide upward momentum for the domestic stock market. They are particularly focused on whether the KOSPI can stabilize above the 7000-point level as sector-specific positive news leads to a rotation of investments.
Lee Kyung-min, a researcher at Daishin Securities, stated, "Despite unstable external conditions, the growth potential and demand momentum of AI have acted as upward pressure on related sectors. The rotation of investments based on sector-specific positive news has led to a differentiated market performance."
In the Seoul foreign exchange market, the won-dollar exchange rate closed at 1336.1 won, down 9.5 won from the previous trading day.
* This article has been translated by AI.
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