As expectations grow for the reopening of the Strait of Hormuz and international oil prices turned lower after three sessions, the KOSPI opened up 3% on the 17th, crossing the 5,700 level. The KOSDAQ index also rose 1%, surpassing 1,150.
As of 9:07 a.m. that day, the KOSPI index was up 152.17 points (2.74%) from the previous session at 5,702.02.
By investor type, individuals were net buyers of 165.4 billion won. Foreign investors moved to net sell 97.5 billion won. Among institutions, long-term funds such as the national pension fund and investment trusts were net buyers of 28.1 billion won and 6.4 billion won, respectively, while financial investment, which includes individual exchange-traded fund (ETF) funds, was a net seller of 110.7 billion won.
Samsung Electronics and SK hynix each rose more than 3% and 2%, respectively, reclaiming "190,000 electronics" and "1 million nix," while SK Square (5.87%) and Samsung Electronics preferred (2.24%), among others, were also strong.
At the same time, the KOSDAQ index was up 14.01 points (1.23%) from the previous session at 1,152.3 in transaction. In the KOSDAQ market as well, individuals were net buyers of 95.1 billion won, leading the index higher. Foreign investors and institutions were net sellers of 81.4 billion won and 11.9 billion won, respectively.
"Red lights" also lit up among top KOSDAQ market-cap stocks. EcoPro (3.05%), Alteogen (1.27%), EcoPro BM (1.6%), and Sam Chun Dang Pharm (0.89%), among others, were rising.
It is interpreted that expectations for passage through the Strait of Hormuz improved investor sentiment.
Earlier, Minister Abbas Araghchi of Iran's Foreign Ministry said in an interview with Iran's semi-official outlet SNN TV on the 16th (local time) that it was closed only to "enemies and those who support their attacks," reiterating the point. In reality, ships from Iran as well as China, India, and Pakistan are reported to be passing through the Strait of Hormuz.
Fatih Birol, secretary-general of the International Energy Agency (IEA), said that even after releasing 400 million barrels of reserves, there are more than 1.4 billion barrels left, adding this "means further measures are possible if needed," which is seen as putting downward pressure on oil prices.
As a result, international oil prices ended lower for the first time in three sessions. On the New York Mercantile Exchange (NYMEX), West Texas Intermediate (WTI) April futures fell $5.21 (5.28%) from the previous day to settle at $93.50.
With international oil prices falling, the three major U.S. stock indexes in New York finished higher overnight. Funds especially flowed into tech stocks centered on Nvidia.
On the 16th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average rose 387.94 points (0.83%) from the previous session to close at 46,946.41. The Standard & Poor's (S&P) 500 rose 67.19 points (1.01%) to 6,699.38, and the Nasdaq composite climbed 268.82 points (1.22%) to 22,374.18.
Meanwhile, the won-dollar exchange rate opened at 1,490 won, down 7.5 won from the previous session in transaction.