[Good Morning Stock Market] "US Stock Market Hits All-Time High... KOSPI Starts in Slightly Positive Territory"

With the three major U.S. stock indices closing higher, the KOSPI is expected to start in a firm positive territory on the 23rd.

[Image source=Yonhap News]

On the 22nd (local time) at the New York Stock Exchange (NYSE), the blue-chip-focused Dow Jones Industrial Average closed at 38,001.81, up 138.01 points (0.36%) from the previous trading day. The large-cap-focused S&P 500 also rose 10.62 points (0.22%) to 4,850.43. The tech-heavy Nasdaq closed at 15,360.29, up 49.32 points (0.32%). The Dow index surpassed 38,000 for the first time ever, and the S&P 500 also hit a record high.

Investors are paying close attention to whether the New York stock market can continue to set new record highs. This week, data such as the December Personal Consumption Expenditures (PCE) Price Index, preliminary Q4 GDP growth rate, Purchasing Managers' Index (PMI), and corporate earnings including those of big tech companies are scheduled to be released.

Han Ji-young, a researcher at Kiwoom Securities, said, "This week also has major macro events such as Q4 Gross Domestic Product (GDP) and December PCE inflation data pending, but the January Federal Open Market Committee (FOMC) meeting scheduled for the end of this month will effectively be the key macro turning point." She added, "Until then, the earnings season will have a dominant influence, and the earnings of the Magnificent 7 (M7), starting with Tesla and continuing through early February, are expected to impact not only the U.S. stock market but also the domestic market."

The Morgan Stanley Capital International (MSCI) Korea Index ETF fell 1.2%, and the MSCI Emerging Markets Index ETF dropped 0.9%. Considering this, the KOSPI is expected to start in a firm positive range. Kim Seok-hwan, a researcher at Mirae Asset Securities, said, "The recent surge in 52-week lows among domestic secondary battery cell makers as well as the refining and chemical sectors is a burden," adding, "This indicates persistent concerns about the economy."

Researcher Han Ji-young explained, "Amid the U.S. stock market's record high effect, the decline in interest rates due to a slowdown in leading economic indicators, offshore currency weakness, and favorable macro and foreign investor demand conditions, a rebound is expected mainly among oversold stocks." She added, "From an industry perspective, attention should be paid to price changes in semiconductor and AI stocks, continuing from the previous day."

She continued, "The news that OpenAI CEO Sam Altman will visit Korea during the week is expected to generate expectations for collaboration or investment with semiconductor and AI-related companies," emphasizing, "In the process, increased price volatility is anticipated in related sectors and thematic stocks."