On the 29th, the KOSPI is strong as the U.S. Federal Reserve (Fed) held rates steady and the market digests solid earnings from major chip corporations such as Samsung Electronics and SK hynix.
As of 9:09 a.m. that day, the KOSPI stood at 5,225.60, up 54.79 points (1.06%) from the previous session. The KOSPI opened at 5,243.42, up 72.61 points (1.40%) from the previous session. Early in the session it jumped to as high as 5,252.61, again setting a record high.
In the main board, individual investors alone are net buying about 270 billion won. Foreigners and institutions are net sellers by 90 billion won and 170 billion won, respectively. Most of the institutional flow is from securities firms' volumes, which include individuals' exchange-traded fund (ETF) trades.
Six of the top 10 stocks by market cap have turned "red." Samsung Electronics and SK hynix, which released record quarterly results, are surging 1.79% and 4.52%, respectively. Hyundai Motor (0.51%), SK Square (5.36%), and Doosan Enerbility (3.7%) are also on the rise.
At the same time, the KOSDAQ rose 31.47 points (2.78%) to 1,164.99 from the previous session. The KOSDAQ opened at 1,153.43, up 19.91 points (1.76%) from the day before.
In the KOSDAQ market, institutional investors are net buying about 380 billion won. This is presumed to be individual funds flowing into ETFs. Individuals and foreigners are net sellers by about 250 billion won and 88 billion won, respectively.
Nine of the top 10 KOSDAQ market-cap stocks are strong. EcoPro BM jumped more than 10%, reclaiming the top spot in KOSDAQ market cap that day. EcoPro (4.69%), Alteogen (1.38%), and Peptron (4.11%) are also up from the previous day.
In the Seoul foreign exchange market that day, the won-dollar exchange rate opened at 1,429.6 won per U.S. dollar, up 7.1 won from the previous session.
Overnight, New York stocks were mixed as the market digested the FOMC outcome ahead of major Big Tech earnings. The Standard & Poor's (S&P) 500 briefly topped 7,000 for the first time intraday but closed down 0.01% on profit-taking. The Nasdaq composite and the Dow Jones industrial average rose 0.17% and 0.02%, respectively.
On the 28th (local time), the U.S. Federal Reserve held the benchmark rate at 3.50%–3.75% at its first policy meeting of the year. The decision reflected the view that inflationary pressures persist. However, the statement turned somewhat more optimistic on U.S. economic activity and employment.
Han Ji-young, a Kiwoom Securities researcher, said, "The January FOMC brought no major surprises," and noted, "While keeping rates unchanged and saying decisions will depend on the data, the Fed emphasized that no officials think the next move will be a rate hike."
Meanwhile, Samsung Electronics and SK hynix are set to hold corporate briefings that day to unveil annual results and this year's business strategies. Earlier, Samsung Electronics posted 2 trillion won in operating profit on a consolidation basis for the fourth quarter last year, and SK hynix recorded 1.9 trillion won in operating profit, each setting a record high for a quarter.