On news that the United States seized an Iranian vessel, the KOSPI index, which opened flat on the 20th, is widening its intraday gains. SK hynix is jumping 3% ahead of its earnings release on the 23rd.
As of 11:31 a.m., the KOSPI index is trading at 6,274.72, up 82.8 points (1.34%) from the previous session. The index opened higher at 6,213.92 and briefly turned lower on foreign selling, but it is now extending gains on institutional buying and is on the verge of breaking above the 6,300 level.
Institutions alone are net buying 256.6 billion won, lifting the index. Specifically, financial investment firms, a conduit for exchange-traded fund (ETF) funds, are net buying 207.9 billion won, and pension funds 124.3 billion won. Individuals and foreigners are net sellers of 247.7 billion won and 178.7 billion won, respectively.
By stock, secondary batteries are rising on expectations for growth in the energy storage system (ESS) market and a surge in electric vehicle demand due to the Middle East war. Samsung SDI is jumping 5%, while LG Energy Solution (3.89%) and POSCO FUTURE M (2.13%) are also climbing.
Over the weekend, Iran said it would fully open the Strait of Hormuz during the cease-fire, boosting hopes for an end to the war, but on the day, U.S. President Donald Trump said the United States seized an Iranian cargo ship, reigniting Middle East tensions. Still, the index is trending higher despite Middle East uncertainty.
Earlier, on the 19th (local time), President Trump said on the social media platform Truth Social, "Today, an Iranian cargo ship named 'Tuska,' about 900 feet (about 275 meters) long and as heavy as an aircraft carrier, tried to break our maritime blockade, and it didn't go well," adding, "Our Navy warship put a hole in the engine room to stop it."
Iran immediately pushed back via state media. The Iranian side said, "The Armed Forces of the Islamic Republic of Iran warn that they will soon respond and retaliate against the U.S. military's 'armed piracy.'"
At the same time, the KOSDAQ index is trading at 1,181.61 points, up 0.99% from the previous session. The index, which opened lower on the day, is being lifted as individuals are net buying 73.5 billion won intraday.
Individually, Voronoi is soaring more than 15% after phase 1 clinical data for the lung cancer targeted therapy "VRN11" beat market expectations. Buoyed by the launch of a new title using the "Silkroad Online" intellectual property (IP) and strong overseas performance of "Night Crows," Wemade and Wemade Max jumped 16% and 29.88%, respectively.