On the 15th, the KOSPI index broke through the 3,650 level to hit an all-time high. As concerns over U.S.-China trade tensions subsided and the deteriorating U.S. employment situation strengthened expectations that the Federal Reserve would move to cut rates further, the domestic stock market surged.
That day, the KOSPI closed at 3,657.28, up 95.47 points (2.68%) from the previous trading day. Backed by buying from foreign and institutional investors during the session, it spiked to as high as 3,659.91, setting another intraday record high following the previous day.
In the main board, foreign and institutional investors were net buyers of about 130 billion won and 800 billion won, respectively, driving the index higher. Individuals alone dumped more than 980 billion won worth of shares to take profits.
All of the top 10 stocks by market cap on the main board rose that day. The U.S. Nasdaq index fell the previous day, and the Philadelphia Semiconductor Index also declined, but Samsung Electronics and SK hynix each gained 2–3%. Samsung Biologics and Doosan Enerbility each rose by nearly 10%.
Shipbuilding stocks also rose across the board. Although China announced sanctions the previous day on Hanwha Ocean's U.S. subsidiary, bargain hunting flowed in after the prior day's declines. Experts said the impact of China's sanctions on Korea's shipbuilding industry would be limited. Shares of shipbuilders including Hanwha Ocean, HD Hyundai Heavy Industries, and Samsung Heavy Industries rebounded.
In addition, President Trump's overnight warning of halting imports of Chinese soybeans and restricting imports of items such as cooking oil was interpreted as a strategic pressure card to boost bargaining power ahead of the APEC summit, easing downward pressure on the market.
Lee Kyung-min, a researcher at Daishin Securities Co., said, "In the KOSPI's uptrend, leading stocks that had been expensive and burdensome to buy saw some correction, after which buying flowed back in," adding, "The previous day, Chair Powell's signal of an end to quantitative tightening (QT) also acted as a positive for financial markets."
The KOSDAQ index closed at 864.72, up 16.76 points (1.98%) from the previous trading day. In the KOSDAQ market that day, foreigners and institutions were net buyers of about 370 million won and 61 billion won, respectively. By contrast, individuals alone went on a "sell" spree of 100 billion won.
Top KOSDAQ market-cap stocks were mixed. ECOPRO BM, Rainbow Robotics, PharmaResearch, and HLB rose. Alteogen, LigaChem Biosciences, and Peptron closed at lower prices than the previous day.
In the Seoul foreign exchange market, as of 3:30 p.m., the won-dollar rate stood at 1,421.30 won, down 9.7 won from the previous day.