After falling for the past two trading days and dropping below the 4,000 level, the KOSPI rebounded on the 17th. As large-cap semiconductor stocks such as Samsung Electronics and SK hynix jumped sharply, the KOSPI rose 1.4% and settled in the 4,050 range.
On the day, the KOSPI closed at 4,056.41, up 57.28 points (1.43%) from the previous session. The KOSPI opened at 4,019.43, up 20.30 points (0.51%) from the prior day, briefly turned slightly lower right after the open, then rebounded and expanded its gains.
The KOSPI's rise that day was led by institutions. In the afternoon, as foreigners and, along with them, individuals turned net sellers, institutions alone bought more than 300 billion won and defended the session. However, foreigners, who had sold more than 200 billion won in the morning, trimmed their net selling to the 20 billion won range.
Samsung Electronics and SK hynix surged. With Micron, called the "barometer of memory semiconductors," set to report earnings, investor funds flowed in on expectations of improved results. At 6:30 a.m. on the 18th our time, Micron is scheduled to announce earnings.
Lee Kyung-min, a researcher at Daishin Securities Co., said, "Even if Micron's results may not be enough to quell the debate over profitability and bubbles in the artificial intelligence (AI) industry, they are expected to ease concerns about the semiconductor industry."
Meanwhile, stocks were mixed in response to President Lee Jae-myung's remarks. After the president said during a Ministry of Health and Welfare briefing the previous day, "In the past, hair loss treatment was seen as cosmetic, but these days it seems to be treated as a matter of survival. If the fiscal burden is heavy, we can consider limiting the number of covered treatments or the total amount," hair loss-related stocks jumped across the board. MetaLabs, TS Trillion, and Innogene hit the upper limit (the daily price increase cap).
By contrast, casino-related stocks plunged. The president said during a Ministry of Culture, Sports and Tourism briefing the previous day about foreigner-only casinos, "Aren't they ultimately gambling houses?" In response, Paradise and Lotte Tour Development fell.
The KOSDAQ closed at 911.07, down 5.04 points (0.55%) from the previous session. With no clear direction, sector rotation appeared.
Lee Jae-won, a researcher at Shinhan Investment Corp., analyzed, "The market fluctuated around the flat line as sectors with bargain hunting inflows, such as secondary batteries, diverged from sectors where profit-taking continued, such as robots and obesity treatments."