Despite growing uncertainty over tariff policy, the KOSPI opened slightly higher. This is interpreted as a reflection of expectations for a rebound in technology stocks, following a U.S. federal court ruling that selling the Chrome browser is not necessary to resolve Google's search market monopoly.
As of 9:30 a.m. on September 3, the KOSPI was trading at 3,181.18, up 0.27% from the previous trading day. On this day, the KOSPI started at 3,177.75, up 0.17% from the previous day.
On the 3rd, the real-time KOSPI and KRW/USD exchange rate were displayed on the electronic board in the dealing room of the Hana Bank headquarters in Jung-gu. Photo by Yonhap News Agency
On August 29 (local time), a U.S. court of appeals ruled that the reciprocal tariffs imposed by President Donald Trump were illegal, increasing uncertainty over tariff policy and raising concerns about a negative impact on the domestic stock market.
However, expectations for a rebound in technology stocks have led to increased foreign buying, lifting the market. On September 2, a U.S. federal court ruled that Google does not need to sell its Chrome browser to resolve its search market monopoly, but must share data with competitors. As a result, the first trial of the antitrust lawsuit filed against Google in 2020 has concluded after about five years.
Following the ruling, in after-hours trading on the New York Stock Exchange, shares of Alphabet, Google's parent company, rose by more than 8%, while Apple shares climbed by over 3%.
Currently, foreigners are net buyers of 130.7 billion won on the KOSPI, while individuals and institutions are net sellers of 63 billion won and 74.7 billion won, respectively.
Among the top market cap stocks, Samsung Electronics is up 0.14%, while SK Hynix is down 0.19%, showing a mixed trend among major semiconductor stocks.
LG Energy Solution (1.86%), Samsung Biologics (0.50%), Hanwha Aerospace (1.50%), Doosan Enerbility (1.66%), and Kakao (1.01%) are all showing strong performance.
HD Hyundai Heavy Industries (-0.19%) and Hanwha Ocean (-1.70%) among shipbuilding stocks, as well as Kia (-0.56%) and Naver (-1.11%), are declining.
The KOSDAQ is down 0.09% from the previous day, standing at 793.27.
Individuals are net buyers of 37.9 billion won, while institutions and foreigners are net sellers of 6.2 billion won and 31.1 billion won, respectively.
Among the top 10 KOSDAQ stocks by market capitalization, HLB is up 0.63%. Peptron is down 2.4%, ABL Bio down 0.97%, PharmaResearch down 0.92%, Ecopro down 0.8%, Alteogen down 0.76%, Ecopro BM down 0.67%, Rainbow Robotics down 0.36%, and Rigakem Bio down 0.2%.
Han Ji-young, a researcher at Kiwoom Securities, noted, "It is noteworthy that the U.S. federal court decided that Google does not have to sell its Chrome browser, which was at the center of the antitrust issue. As a result, Alphabet surged by 7-8% in after-hours trading, and Apple also rose by over 3%, indicating that the strength of U.S. big tech stocks is likely to help limit intraday declines in the domestic market."
She added, "From a global perspective, including the United States, the growth momentum for artificial intelligence (AI) stocks remains intact. From a domestic perspective, expectations for governance changes are being maintained, such as the passage of the first to third amendments to the Commercial Act. This is expected to provide a buffer against further sharp declines in stock prices and support the overall market."
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