Overnight, as New York stocks strengthened on hopes for interest rate cuts, Korea's stock market is also rising on the 1st.
As of 9:08 a.m. that day, the Korea Composite Stock Price Index (KOSPI) was at 3,455.91, up 30.30 points (0.91%) from the previous trading day. The KOSPI opened at 3,444.06, up 19.46 points (0.57%) from the previous session.
Most large-cap stocks by market capitalization are rising. Samsung Electronics and SK hynix, the leading semiconductor stocks, are up 1.43% and 2.16%, respectively. The preferred share Samsung Electronics (preferred) is up 1.36%. LG Energy Solution, Samsung Biologics, Hyundai Motor, KB Financial Group, and HD Hyundai Heavy Industries are also climbing. In contrast, Hanwha Aerospace and Naver are falling.
At the same time, the Kosdaq was up 7.30 points (0.87%) at 849.29 in trading. The Kosdaq opened at 846.32, up 4.33 points (0.51%) from the previous trading day.
Among the top 10 stocks by market cap, ECOPRO BM, PharmaResearch, Ecopro, HLB, Alteogen, Peptron, Rainbow Robotics, LigaChem Biosciences, ABL Bio, and Sam Chun Dang Pharm are all rising.
On Sept. 30 (local time), New York stocks rose for a third straight session. Concerns about the economy from a U.S. federal government shutdown were taken as a factor increasing the likelihood of a Federal Reserve (Fed) policy rate cut.
On the New York Stock Exchange (NYSE), the Dow Jones Industrial Average, focused on blue chips, rose 81.82 points (0.18%) from the previous trading day to close at 46,397.89. It set a new all-time closing high.
The same day, the Standard & Poor's (S&P) 500, led by large caps, rose 27.25 points (0.41%) to 6,688.46, and the tech-heavy Nasdaq composite added 68.86 points (0.31%) to finish at 22,660.01.
CoreWeave jumped 11.7% after saying it had signed a computing power supply contract worth up to $14.2 billion (about 20 trillion won) with Meta Platforms, Facebook's parent company. Nvidia, a graphics processing unit (GPU) supplier, also rose 2.6%.
That day, the won-dollar exchange rate opened at 1,404.2 won, up 1.3 won from the previous trading day (the won weakened).