The KOSPI index, which opened slightly lower, soon rebounded and is extending a record-setting rally. U.S. stocks fell overnight and the Lunar New Year holiday is approaching, but foreigners are net buyers, lifting the index.
On the 13th, the KOSPI index opened at 5,513.71, down 8.56 points (0.16%) from the previous session. However, Samsung Electronics and SK hynix continued to rise, leading an early rebound.
With foreign capital flowing in, as of 9:10 a.m. it is up around 0.6%, moving near the 5,550 level. Foreigners and the National Pension Fund are net buyers early in the session. Individuals are net sellers.
U.S. stocks closed lower across the board the previous day. Fears resurfaced that highly developed artificial intelligence (AI) will replace roles across industries and that the profitability of companies investing heavily in AI will deteriorate.
Real estate, logistics, and financial sectors fell sharply. Morgan Stanley slumped nearly 5% on concerns that AI will encroach on asset management services. As global risk-off sentiment grew, commodity prices such as gold and silver also weakened.
In the main bourse, SK E&S surged. Funds are pouring in after news that global private equity firm KKR will acquire an equity stake in SK E&S. As the stock market hits a record high and remains strong, securities shares, including Mirae Asset Securities, are also rising. SK Telecom and HDC Holdings are posting large gains.
By contrast, the KOSDAQ market is weak. The KOSDAQ index opened at 1,113.53, down 12.46 points (1.11%), and the early-session decline is widening to nearly 2%. All of the top KOSDAQ market-cap stocks are down.