With the three major indexes on the New York Stock Exchange closing at record highs on a closing basis on the previous trading day, the domestic stock market also opened higher on the 22nd. Expectations of additional rate cuts in the United States this year are appearing, lifting investor sentiment.
As of 9:01 a.m. that day, the KOSPI stood at 3,464.9, up 19.66 points (0.57%) from the previous trading day. Foreigners and institutions were net buyers of 34.6 billion won and 17.5 billion won, respectively, while individuals alone were net sellers of 51.0 billion won.
Among the top 10 stocks by market capitalization on the main board, most were strong. Doosan Enerbility rose 4.11%, marking the biggest gain, and Samsung Electronics, Hanwha Aerospace, HD Hyundai Heavy Industries, KB Financial Group, and Hyundai Motor were also strong. By contrast, SK hynix and Samsung Biologics were lower.
At the same time, the KOSDAQ was at 868.35, up 6.24 points (0.72%) from the previous trading day. By investor, individuals alone were net buyers of 56.4 billion won, while foreigners and institutions were net sellers of 40.0 billion won and 15.1 billion won, respectively.
The top 10 stocks by market cap were mixed. Alteogen rose 7.09% from the previous trading day to lead the market, and ECOPRO BM, Rainbow Robotics, and Sam Chun Dang Pharm were also strong. By contrast, Peptron, PharmaResearch, ABL Bio, LigaChem Biosciences, and HLB were weak.
On the 19th (local time), the previous trading day, all three major U.S. stock indexes closed at record highs on a closing basis. The Dow Jones Industrial Average finished at 46,315.27, up 172.85 points (0.37%) from the previous trading day. The Standard & Poor's (S&P) 500 rose 32.4 points (0.49%) to 6,664.36, and the Nasdaq Composite gained 160.75 points (0.72%) to end at 22,631.48.
Investor sentiment has improved after the Federal Reserve (Fed) decided to cut rates on the 17th. News that U.S. President Donald Trump and Chinese President Xi Jinping agreed to meet at the Asia-Pacific Economic Cooperation (APEC) summit to be held in Korea at the end of next month also boosted sentiment.
Expectations for additional rate cuts are also growing. Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, said on the 19th that two additional rate cuts this year would be appropriate. The limited impact of tariffs on inflation, and the expectation that both housing prices and wage gains will ease, are grounds for further cuts.
Hwang San-hae, an analyst at LS Securities, said, "President Kashkari does not have a vote this year, but given that he can exercise a FOMC vote next year, the market will pay attention," and explained, "Newly inaugurated Fed Chair Steve Miran is also arguing that there is no real inflationary pressure from tariffs."