The KOSPI index, which opened higher and was just a few dozen points shy of the "9,000 points" mark, turned lower early in the session. Tech stocks strengthened at the open on the back of Nvidia's annual artificial intelligence (AI) conference "GTC 2026" in Taipei, Taiwan, but profit-taking at the same time increased market volatility.
On the 2nd, the KOSPI index started trading at 8,883.19, up 94.81 points (1.08%) from the previous trading day. Right after the open, the index extended gains, breaking through 8,900 points and leaving just about 70 points to reach the new milestone of 9,000. But as profit-taking poured in, the index turned downward. It plunged more than 2% early in the session, sliding to the 8,500 level.
The index is showing wide swings early in the session. Foreigners' net selling is facing off against combined net buying by institutions and individuals. In the KOSPI market, foreigners are net selling close to 2 trillion won, but pension funds and institutions are absorbing the supply foreigners are offloading.
U.S. stocks rose across the board the previous day. Although international oil prices jumped on concerns that the United States and Iran could suspend negotiations, tech-led strength continued to push record highs. U.S. President Donald Trump said he is likely to extend the cease-fire negotiation deadline with Iran within next week and reach an agreement to reopen the Strait of Hormuz.
What drew more attention from investors than the Iran situation was the "GTC Taipei" event. Nvidia unveiled the first AI PC chip co-developed with Microsoft at the event, signaling its entry into the AI laptop market. Nvidia's U.S.-listed shares jumped 6.26%.
In addition, Nvidia CEO Jensen Huang is expected to visit Korea on the 5th and hold a "second 'gganbu' meeting" with SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Eui-sun, LG Group Chairman Koo Kwang-mo, and Naver Chairman Lee Hae-jin.
In the KOSPI market, Samsung Electronics is rising, and LG Electronics is up around 5%. SK Telecom, mentioned by Jensen Huang, is also surging.
By contrast, profit-taking is pouring into Samsung Electro-Mechanics and LG Innotek, which had soared, leading to steep declines.
The KOSDAQ index is falling. The KOSDAQ index started trading slightly lower around the 1,040 level, but as early losses widened, it is moving around the 1,020 level.