The KOSPI index started higher again, putting 8,000 points within sight. It has risen for six straight sessions.
Tensions are rising between the United States and Iran, but in a situation where global semiconductor demand is surging, a flood of retail money into the stock market is lifting the index.
On the 12th, the KOSPI index opened at 7,953.41, up 131.17 points (1.68%) from the previous trading day. In early trading, the index jumped more than 2%, at one point surging to 7,999.67 points.
In early trading on the Korea Exchange, foreigners are net sellers of more than 1 trillion won, but individuals and the national pension funds are net buyers. Individuals are net buying about 900 billion won, and national pension funds are net buying close to 200 billion won. Foreigners are net sellers in the cash market, but are slightly net long in KOSPI200 futures.
With U.S. stocks rising across the board the previous day, risk appetite for equities is strengthening. There was no particular news likely to affect the market, but the Standard & Poor's (S&P) 500 index topped 7,400 points for the first time ever.
Tech shares were particularly strong. Nvidia rose 2% on expectations of cooperation with Intel, and Micron gained 6.5% after analysis suggested that a labor dispute at Samsung Electronics could disrupt memory chip supply. In our market as well, large-cap semiconductor stocks are strong. SK hynix is posting bigger gains.
Investment funds are flocking to Hyundai Motor Group. Hyundai Motor is up around 5%, and Hyundai Glovis and Hyundai Mobis are also surging.