On the 2nd, the KOSPI hit another all-time high ahead of the Chuseok holiday. Fueled by explosive buying from big foreign investors, the index easily jumped past the 3,500 level and put the 3,550 mark within reach. As semiconductor stocks strengthened, Samsung Electronics and SK hynix, the No. 1 and No. 2 by market cap on the main board, posted sharp gains and led the advance.
As the stock market's rally continued, President Lee Jae-myung also moved to celebrate. When the KOSPI broke through 3,500 that day, Lee said, "The index may go back down again, but the trend itself will not change easily," adding, "There are many reasons, but it is because our people are once again finding hope and renewing their passion."
The KOSPI closed at 3,549.21, up 93.38 points (2.70%) from the previous trading day. This is the first time the KOSPI has risen to the 3,500 level, and the index's momentum after first reaching the milestone was unrelenting. During the session, it crossed the 3,560 level and at one point looked toward the 4,000 threshold.
Typically, on the trading day before a long holiday, many investors take a wait-and-see stance, but foreigners showed large-scale net buying on this day. Foreign investors were net buyers of more than 3 trillion won just on the main board. With institutions slightly net selling, retail investors showed more than 3 trillion won in net selling.
On the back of news announced the day before (the 1st) of cooperation between Samsung Electronics, SK hynix and OpenAI, large-cap semiconductor stocks surged and pulled the KOSPI higher.
Samsung Electronics Chairman Lee Jae-yong and SK Group Chairman Chey Tae-won each signed a memorandum of understanding (LOI, letter of intent) with OpenAI CEO Sam Altman the day before for an HBM memory semiconductor partnership under the large-scale AI infrastructure build-out "Stargate Project." Valued at 700 trillion won, the Stargate Project is OpenAI's plan to build supercomputers and data centers in partnership with global technology and investment corporations.
Samsung Electronics finished at 89,000 won, up 3.49% from the previous trading day. During the session, it briefly reclaimed 90,000 won for the first time in 4 years and 9 months. SK hynix, which has been hitting fresh record highs day after day, closed at 395,500 won, up 9.86% (35,500 won) from the previous trading day.
Lee Kyung-min, a DAISHIN SECURITIES researcher, said, "OpenAI presented a target of 900,000 wafers per month for Samsung Electronics and SK hynix, which corresponds to most of the two companies' DRAM wafer input," adding, "With the clear purchasing demand of the Republic of Korea government and OpenAI's Stargate Project and concrete semiconductor production requirements aligning, this is translating into direct earnings expectations for semiconductor corporations."
On expectations that semiconductor production will expand, semiconductor materials, parts and equipment stocks also strengthened. HANMI Semiconductor#, Wonik IPS, EO Technics, Eugene Technology, HANA Micron and DOOSAN TESNA also finished higher.
The collaboration with OpenAI also included an agreement to build next-generation AI data centers in Korea, and the researcher analyzed that this "spread expectations to sectors such as power facilities and finance, helping drive the KOSPI's rise."
The KOSDAQ index also rose 1.05% (8.91 points) to close at 854.25. On the KOSDAQ market, foreigners and institutions showed combined net buying.
Experts advised paying attention to the third-quarter earnings season after the holiday. Samsung Electronics' preliminary third-quarter results are slated for early in the third week of October. Lee Jae-won, a Shinhan Investment & Securities researcher, said, "It is necessary to focus on stocks and sectors with recently raised earnings estimates."