On the 21st, the KOSPI and KOSDAQ indexes are surging. About 20 minutes after the market opened, a temporary suspension of the effectiveness of program trading buy quotes (buy sidecar) was triggered on both the main bourse and the KOSDAQ market.
Investor sentiment appears to have improved as labor and management at Samsung Electronics reached a tentative agreement on wages.
The KOSPI started at 7,486.37, up 277.42 points (3.85%) from the previous session. As of 11:41 a.m., the index is at 7,740.44, up 531.49 (7.37%) from the previous session.
As of 11:41 a.m., institutions are net buying more than 1.6 trillion won on the main bourse. Foreign investors and individuals are net sellers, offloading about 1 trillion won and 500 billion won, respectively.
The KOSDAQ index also opened at 1,085.30, up 29.23 points (2.77%) from the previous session. As of 11:41 a.m., it is at 1,110.00, up 53.93 (5.11%) from the previous session.
On the KOSDAQ market, foreign investors and institutions turned to tandem net buying. Foreign investors are net buyers of 130 billion won, and institutions are net buyers of 160 billion won. Individuals are net sellers of more than 280 billion won.
The strong rally in the domestic stock market is seen as reflecting improved investor sentiment after labor and management at Samsung Electronics drew up a dramatic tentative wage agreement.
Another factor cited for the market's rise is that the New York stock market closed higher led by U.S. semiconductor shares the previous day, while U.S. Treasury yields and international oil prices stabilized.
Most of the top KOSPI market-cap stocks are showing sharp gains.
Samsung Electronics has topped 290,000 won and is up more than 6% from the previous session. SK hynix is trading in the 1.94 million won range, rising more than 10%.
Hyundai Motor, Kia and Hyundai Mobis, among other Hyundai Motor Group stocks, are also rising. IT and semiconductor-related stocks including Samsung Electro-Mechanics, LG Electronics, LG Innotek and SK Square are advancing across the board.