The KOSPI index has surpassed the 4,800 level. It took 11 trading days in the new year. Last night's record-high earnings announcement by TSMC appears to have spurred buying sentiment and brought in buyers.
As of 9:12 a.m., the KOSPI index was up 2.53 points (0.05%) from the previous day, trading at the 4,800 level. Opening at 4,820.66, the KOSPI rose to the 4,827 level intraday, then pared gains on foreign selling.
In the main board, individuals turned net buyers of 242.4 billion won. Foreign investors are net sellers of 174.1 billion won, and institutions 65.5 billion won. Among exchange-traded fund (ETF) flows, financial investment is net selling 61.4 billion won, while long-term funds—national pension funds and investment trusts—are net selling 9.3 billion won and 700 million won, respectively.
Heavyweights by market cap are mixed. Kia, which had been left out of the Hyundai Motor Group rally, is jumping more than 2%. Samsung Electronics, Samsung Electronics preferred, and Hanwha Aerospace are showing gains around flat, while SK hynix, Hyundai Motor, and SK Square are edging lower around flat.
Last night's earnings release by TSMC, the world's largest semiconductor foundry, is seen as stimulating buying sentiment. Powered by growing demand for artificial intelligence (AI) chips, TSMC posted record earnings last year and projected this year's revenue will rise about 30% from a year earlier. It also said it plans to raise capital expenditures to as much as $56 billion from the previous $52 billion.
U.S. stocks also finished higher last night. On the New York Stock Exchange, the Dow Jones Industrial Average rose 292.81 points (0.60%) from the previous session to close at 49,442.44. The Standard & Poor's (S&P) 500 added 17.87 points (0.26%) to 6,944.47, and the Nasdaq composite gained 58.27 points (0.25%) to 23,530.02.
Buying was particularly strong in semiconductor names. Nvidia rose 2%, and TSMC, ASML, Lam Research, and Applied Materials climbed around 5%. ASML's market cap topped $500 billion for the first time ever.
At the same time, the KOSDAQ index was down 6.98 points (0.73%) from the previous day at 944.18. Opening at 950.83, the index is extending losses intraday on foreign selling.
On the KOSDAQ market, foreigners and institutions are both turning sellers, dragging the index lower. Foreigners are selling 80.2 billion won, and institutions 4.5 billion won. Individuals alone are net buying 89 billion won, cushioning the index decline.
Among top KOSDAQ stocks by market cap, the "blue light" came on. Except for EcoPro, which is inching up around flat, all are lower. In particular, Alteogen is down more than 4%, ABL Bio 3%, Kolon TissueGene 3%, LigaChem Biosciences 3%, and Peptron over 2%.
In the Seoul foreign exchange market, the won-dollar exchange rate opened at 1,470 won per U.S. dollar, up 0.3 won from the previous day.