On the 30th, the last trading day of the year, Samsung Electronics and SK hynix hit intraday record highs. As U.S. Micron shares rose, investment funds flowed into Korea's semiconductor sector. However, despite the strength in semiconductors, the KOSPI is fluctuating around the flat line.
This afternoon the KOSPI is repeatedly moving up and down around the 4,220 level. The KOSPI opened at 4,193.75, down 26.81 points (0.64%) from the previous trading day, but the early decline has narrowed and the index is attempting to turn higher.
Most large-cap stocks by market capitalization are falling, but with Samsung Electronics, SK hynix and other major chipmakers showing strength, the rebound in the index is gaining traction. Foreign investors are net sellers in the cash market, but are net buyers of KOSPI200 futures.
Overnight, U.S. stocks were slightly lower, and tech names such as Nvidia, Tesla, Alphabet and Palantir fell, but Micron rose more than 3%. As Micron, called the "memory semiconductor barometer," gained, Korean chip stocks continued their record-high rally. In particular, news that the U.S. Department of Commerce will ease equipment import restrictions on Korean semiconductor corporations such as Samsung Electronics and SK hynix that operate plants in China also had a positive effect.
Samsung Electronics has surpassed 120,000 won and SK hynix has topped 650,000 won, with both setting intraday record highs. With the strength in semiconductors, the KOSPI is expected to close near an all-time high on the last trading day of the year. The Korean stock market will be closed on the 31st.
While the KOSPI is attempting a rebound, the KOSDAQ's losses are widening. Battery-related stocks are weak, including L&F, which is plunging after the scale of its contract with Tesla was reduced.
The KOSDAQ opened at 928.99, down 3.60 points (0.39%), and by the afternoon the loss had widened to around 0.7%.