Amid expectations of a rate cut by the United States, the New York stock market showed strength overnight, and on the 14th, the Korean stock market opened higher.
As of 9:10 a.m. that day, the KOSPI index recorded 3,231.39, up 7.26 points (0.22%) from the previous transaction day. The KOSPI index opened at 3,226.52, up 2.15 points (0.07%) from the previous closing.
The top market capitalization stocks are on a downward trend. Samsung Electronics and SK hynix, the leaders in semiconductors, are down 0.28% and 1.26%, respectively. Samsung Electronics' preferred stock is down 0.51%. Doosan Enerbility is also falling. In contrast, LG Energy Solution, Samsung Biologics, Hanwha Aerospace, Hyundai Motor, KB Financial, and HD Hyundai Heavy Industries are rising.
At the same time, the KOSDAQ index is trading at 815.32, up 1.22 points (0.15%). The KOSDAQ index opened at 814.48, up 0.38 points (0.05%) from the previous transaction day.
Looking at the top 10 market capitalization stocks, Alteogen is down 3.56%, and Peptron, LigaChem Biosciences, and others are also in a downward trend. Ecopro, Ecopro BM, PharmaResearch, HLB, Rainbow Robotics, ABL Bio, and Sam Chun Dang Pharm are all rising.
On the 13th (local time), the three major indices of the New York stock market closed higher for two consecutive days. Expectations grew that the Central Bank would cut interest rates in September, leading to strong buying in conventional stocks and mid- to small-cap stocks.
On that day, the Dow Jones Industrial Average, centered on blue-chip stocks, ended trading at 44,922.27, up 463.66 points (1.04%) from the previous day.
The large-cap centered Standard & Poor's 500 index closed at 6,466.58, up 20.82 points (0.32%) from the previous closing. The technology-centered NASDAQ index closed at 21,713.14, up 31.24 points (0.14%). Both the S&P 500 and NASDAQ indices recorded all-time highs for two consecutive days.
There were no distinct economic indicators or events to move the market that day. Following the July Consumer Price Index (CPI) announcement, expectations for a rate cut in September have grown, creating a buying-dominant atmosphere. According to the Chicago Mercantile Exchange (CME) FedWatch Tool, the probability of the Fed cutting the September base rate by 0.25 percentage points is reflected at 93.8%.
On that day, the won to dollar exchange rate started at 1,378.5 won, down 3.2 won from the previous transaction day. (The value of the won is rising.)