With the KOSPI resuming its rally, the 4,900-point level is now within sight. As Hyundai Motor Group soars and large semiconductor stocks rebound, they are supporting the index's rise.
On the 19th, the KOSPI opened slightly lower but rebounded intraday and, as of 11:20 a.m., was moving around the 4,880 level, up about 1%.
Individuals are net buyers, and foreigners, who were net sellers early in the session, have turned to small net buying. In particular, a large amount of funds is flowing in through program trading. Program trading, which is automatically executed according to computer algorithms, usually becomes active when the price gap between the cash and futures markets widens.
Although geopolitical risk is rising as the United States and major European countries clash over Greenland, Korea's stock market is showing little agitation. U.S. index futures are falling, and Japan's Nikkei is down more than 1%, but the KOSPI is instead widening its intraday gains.
U.S. President Donald Trump said over the weekend that the United States would impose additional tariffs on European allies, including Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands and Finland, until the United States "purchases" Greenland. As these European countries pushed back against the ambition the United States is showing toward Greenland, the administration again threatened allies with the tariff card.
While some say the Greenland situation could dampen investor sentiment toward global risk assets, the mood in the domestic market remains hot. Large semiconductor stocks such as Samsung Electronics and SK hynix, which opened lower, reversed higher intraday, and robot-related stocks, including Hyundai Motor and Doosan Robotics, are surging. Hyundai Motor's market capitalization has surpassed 95 trillion won, jumping to third in market cap on the main bourse.
The KOSDAQ is also extending gains. The index opened at 952.93, down 1.66 points (0.17%), but rebounded early and, near noon, was moving around the 960 level.