[Asia Economy Reporter Kwon Jae-hee] Amid rising expectations of an 'inflation peak-out' and optimism about a semiconductor bottoming, all three major U.S. indices closed higher, and the Korean stock market is also showing a solid trend.
As of 10:43 a.m. on the 11th, the KOSPI index stood at 2,514.99, up 1.37% (34.11 points) from the previous trading day. The index opened at 2,507.74, up 1.08% (26.86 points) from the previous day, and has maintained a rise of over 1%.
The upward momentum was driven by buying from foreigners and institutions. Foreigners and institutions purchased stocks worth 154.5 billion KRW and 167.5 billion KRW, respectively. Meanwhile, individual investors sold stocks worth 317.4 billion KRW, appearing to realize profits.
The domestic stock market gained momentum as the U.S. Consumer Price Index (CPI) announced the previous day fell short of expectations, spreading hopes of an 'inflation peak-out.' Additionally, Citigroup's mention of a semiconductor sector bottoming theory, which led semiconductor stocks to rise, also acted as a positive factor for the market.
Han Ji-young, a researcher at Kiwoom Securities, analyzed, "Although there will be volatility in spot and futures supply and demand during the day due to the domestic options expiration, the overall favorable macro environment will lead our stock market to show a generally solid trend."
By sector, all sectors except food and beverage (-0.43%) and telecommunications (-0.02%) are on the rise. The order is steel and metals (2.75%), non-metallic minerals (2.55%), services (1.94%), securities (1.79%), chemicals (1.75%), construction (1.60%), electrical and electronics (1.49%), finance (1.47%), textiles and apparel (1.41%), and machinery (1.37%).
All of the top 10 market capitalization stocks are rising together. In particular, strong gains are seen centered on semiconductor and growth stocks, including Samsung Electronics (1.18%), SK Hynix (2.29%), NAVER (2.10%), and Kakao (3.86%). Following are LG Energy Solution (1.64%), Samsung Biologics (0.78%), LG Chem (1.85%), Samsung Electronics Preferred (0.37%), Samsung SDI (0.33%), and Hyundai Motor (0.78%), all showing upward trends.
The KOSDAQ index is trading at 831.16, up 1.33% (10.89 points) from the previous trading day at the same time. The index opened at 831.99, up 1.43% (11.72 points) from the previous day.
In the KOSDAQ market as well, foreigners and institutions bought stocks worth 24.3 billion KRW and 101.1 billion KRW, respectively, while individuals sold stocks worth 118.8 billion KRW.
All sectors in KOSDAQ are recording gains. The order is construction (2.82%), semiconductors (2.42%), digital content (2.38%), entertainment and culture (2.35%), publishing and reproduction (2.22%), IT software (1.87%), metals (1.81%), telecommunications equipment (1.78%), and machinery equipment (1.67%).
The top market capitalization stocks in KOSDAQ are showing mixed trends. Celltrion Healthcare (1.15%), HLB (0.96%), Kakao Games (5.28%), and Celltrion Pharm (0.79%) are rising, while EcoPro BM (-0.82%), L&F (-0.41%), Pearl Abyss (-1.98%), EcoPro (-1.18%), and Chunbo (-0.52%) are declining. Alteogen remained flat.
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