With big-money foreigners and institutions buying together, the KOSPI started higher. Warmth returned to the domestic stock market as news over the weekend that Oracle would take part in acquiring ByteDance Ltd.'s TikTok unit lifted semiconductor and other artificial intelligence (AI) plays across the board.
On the 22nd, the KOSPI started trading at 4,096.26, up 75.71 points (1.88%) from the previous trading day. Early in the session, foreigners and institutions were net buyers of about 150 billion won and 300 billion won, respectively.
AI-related stocks are largely rising, led by large-cap chipmakers. In particular, Samsung Electronics and SK hynix are jumping 3% to 4%, with the KOSPI200 information technology sector climbing sharply.
The news lifting tech was a weekend decision that Oracle would establish a U.S. joint venture with TikTok's Chinese parent ByteDance Ltd. The industry said Oracle's profitability would improve with its investment in TikTok while uncertainties around TikTok in the United States would also ease. U.S. stocks rose across the board over the weekend, and investor sentiment toward the domestic market improved.
The KOSDAQ also opened higher. However, the rise is not as large compared to the KOSPI. The KOSDAQ started trading at 923.97, up 8.70 points (0.95%) on the day, and is holding gains of around 1% early in the session.
After the Financial Services Commission (FSC) released its plan last week to boost trust and innovation in the KOSDAQ market, investment funds have been flowing in. However, foreigners and institutions are net sellers today.
Among the top KOSDAQ stocks by market capitalization, EcoPro BM, Kolon TissueGene, and PharmaResearch are strong.