On the 23rd, after the KOSPI index rose to the 6,550 level early in the session on SK hynix's record earnings, it gave up the 6,500 level intraday on individual selling.

On the morning of the 23rd, as the KOSPI starts higher while hitting a record high for consecutive days, a board in the dealing room at Hana Bank in Jung-gu, Seoul shows the KOSPI and KOSDAQ indexes, among others./Courtesy of News1

As of 11:38 a.m., the KOSPI index was trading at 6,444.95, up 27.02 points (0.42%) from the previous trading day. The index opened at 6,488 and even crossed the 6,550 level intraday on foreign and institutional buying, but it is trimming gains.

Foreigners and institutions are net buyers of 297.5 billion won and 217.4 billion won, respectively. Individuals, who were net buyers of 200 billion won early in the session, are now net sellers of 457.9 billion won.

Investor sentiment was stoked as SK hynix announced its highest-ever quarterly results. SK hynix disclosed that for the first quarter of this year, it posted revenue of about 53 trillion won and operating profit of 37 trillion won. Those figures rose 198% and 405.5%, respectively, from a year earlier. The operating margin was 71.5%, surpassing Taiwan TSMC's first-quarter operating margin (58.1%).

Buoyed by the strong results, SK hynix jumped 3% and Samsung Electronics rose as much as 4% early in the session. However, SK hynix is now down 0.65%, while Samsung Electronics is up 2.4%.

Shares related to power infrastructure are also strong on expectations of growing artificial intelligence (AI) demand. LS Electric is surging 9%, while Hyosung Heavy Industries is up 5%. The moves are seen as being influenced by news that Nvidia is considering data center infrastructure cooperation with domestic power equipment corporations.

Nuclear power stocks are also strong on news of expanded cooperation in building new nuclear plants in Vietnam. Woori Technology (6.58%) and Doosan Enerbility (5%) are rising.

At the same time, the KOSDAQ index was trading at 1,173.75, down 7.37 points (0.62%) from the previous trading day. It briefly turned higher intraday as individuals net bought more than 300 billion won, but turned lower again on foreign and institutional selling.

Sam Chun Dang Pharm plunged more than 5%, falling below the 400,000-won level. EcoPro and EcoPro BM are also slumping, down 3% and 4%, respectively.

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