Thanks to foreigners heavily buying semiconductor stocks, the KOSPI rose for a third straight session. On the 23rd, the KOSPI crossed the 4,110 level, keeping the year-end "Santa rally" going. However, the KOSDAQ, which had risen for two consecutive sessions, closed down 1%.

In the afternoon on the 23rd, the dollar-won exchange rate appears on an electronic board in the dealing room at Hana Bank in Jung-gu, Seoul. The KOSPI ends at 4,117.32, up 11.39 points (0.28%) from the previous closing price. The KOSDAQ closes at 919.56, down 9.58 points (1.03%) from the previous day. In the Seoul foreign exchange market, the dollar-won exchange rate records 1,483.60 won, up 3.50 won from the 3:30 p.m. weekly close the previous day. /Courtesy of News1

The KOSPI closed at 4,117.32, up 11.39 points (0.28%) from the previous session. The index opened at 4,127.40, up 21.47 points (0.52%), but its intraday gains narrowed.

Foreigners led the market's gains. In the main board, foreigners were net buyers of more than 1 trillion won, with funds concentrated in semiconductor stocks. While individuals were net sellers of 1.2 trillion won and institutions had a 349.5 billion won buying advantage, a substantial amount came from financial investment.

As concerns over an artificial intelligence (AI) bubble eased, foreign money appears to have started flowing back into the KOSPI. Overnight, the three major U.S. indexes kicked off a Santa rally and closed higher.

Lee Jae-won, a researcher at Shinhan Investment & Securities, said, "Foreigners' net purchases were concentrated in semiconductor-related stocks, which drove the KOSPI higher."

In particular, foreign and institutional flows focused on Samsung Electronics and SK hynix. Lee Kyung-min, a researcher at Daishin Securities Co., explained, "With foreign and institutional flows concentrating on large-cap electrical and electronics stocks, buying in Samsung Electronics and SK hynix drove the index higher."

Shipbuilding and securities stocks also drew attention. Hanwha Ocean jumped more than 12% after U.S. President Donald Trump said he would build a new U.S. Navy frigate in cooperation with Hanwha. Samsung Heavy Industries also rose more than 1% after news that it signed a 743 billion won contract with a shipowner in Oceania for two liquefied natural gas (LNG) carriers.

By contrast, the KOSDAQ fell 1.03% (9.58 points) from the previous session to close at 919.56. The KOSDAQ opened at 932.48, up 3.34 points (0.36%) from the day before, but turned lower in the morning.

Researcher Lee Jae-won analyzed, "With no leading sector in the KOSDAQ, continued foreign selling erased the prior day's gains." In the KOSDAQ market, individuals and institutions were net buyers of 210 billion won and 45.3 billion won, respectively, but foreigners were net sellers of 168.7 billion won, dragging the market down.

However, entertainment stocks rose on news that "Dream Concert 2026" will be held in Hong Kong and on expectations that the ban on Korean cultural content in China will be lifted. SME, HYBE, YG Entertainment and JYP Ent. all finished higher.

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