On the 8th, the KOSPI index closed higher, reflecting expectations for a rate cut in the United States. However, concerns that disappointing U.S. employment data weighing on the possibility of a rate cut could lead to an economic downturn limited the rise of the stock market.
The KOSPI index finished the day at 3219.59, up 14.47 points (0.45%) from the previous trading day. Although it briefly fell below the 3210 level, it recovered its losses thanks to foreign buying pressure and closed higher. In the securities market, foreigners and institutions made net purchases of 160 billion won and 120 billion won, respectively, supporting the index. Individuals sold nearly 350 billion won.
Lee Kyung-min, a researcher at DAISHIN SECURITIES, noted, "As concerns about the economy and expectations for a rate cut simultaneously emerged, the U.S. stock market gave up early gains and turned lower, but Asian markets generally rose, with the KOSPI also trending upward." They added, "The resignation of Ishiba, who supported the normalization of monetary policy (interest rate hikes), and the subsequent expectations for a more accommodative monetary policy and regulatory easing from the next prime minister had a favorable impact, contributing to a rise of over 1% in the Japanese stock market."
On this day, Samsung Electronics and SK hynix, the top two companies by market capitalization, rose by 0.86% and 1.28%, respectively. Following last week's surprising earnings announcement from U.S. semiconductor firm Broadcom, which exceeded market expectations, and news of securing new orders worth $10 billion, semiconductor stocks benefitted.
LG Energy Solution (0.15%), Hanwha Aerospace (3.37%), and Celltrion (0.59%) also saw their stock prices rise. In contrast, HD Hyundai Heavy Industries (-0.39%), Hyundai Motor (-0.68%), Kia (-1.59%), and KB Financial (-1.75%) closed lower.
The solar energy sector also saw increased buying interest. This was driven by the Chinese government's efforts to prevent excessive expansion competition in the solar industry, creating expectations for domestic solar companies to benefit. HD Hyundai Energy Solutions and OCI Holdings both rose by over 10% and 6%, respectively. SK eternix (5.8%) and Hanwha Solutions (1.57%) also saw their stock prices increase.
According to government policy, stock prices of small and medium-sized construction companies and modular housing firms also surged. The day before, the government had announced plans to supply a total of 1.35 million new dwellings in the metropolitan area by 2030.
Dongbu Corporation, Kumho Engineering & Construction, TAEYOUNG E&C, and KD all saw their stock prices rise in tandem. Additionally, Kumkang Kind and NRB, which are considered modular housing firms, also experienced a simultaneous rise.
Kim Seon-mi, a researcher at Shinhan Investment Corp, said, "Companies with a high proportion of small and medium public housing construction, including small and medium-sized firms, and trust companies like KOREIT seeking opportunities in project financing (PF) restructuring will be relatively advantageous compared to large firms as the cement industry reaches a bottom in market conditions."
The KOSDAQ index rose by 7.2 points (0.89%), closing at 818.60. This marks the highest closing price since July 21.
In the KOSDAQ market, institutions turned to net buying during the day, pushing the index higher. Institutions and individuals showed net buying dominance of 50 billion won and 6 billion won, respectively, while foreigners were net sellers, offloading 47 billion won.
Among the top market capitalization stocks, PharmaResearch rose over 7%, exceeding a market cap of 7 trillion won. Alteogen, HUGEL, and LEENO Industrial also saw their stock prices rise. In contrast, Ecopro, ECOPRO BM, Peptron, ABL Bio, and others closed lower than the previous trading day.
As of the market closing time, the exchange rate of the won against the U.S. dollar was recorded at 1390.6 won, down 0.4 won.