With military tensions between the United States and Iran flaring again, the KOSPI was mixed in early trading on the 13th. SK hynix(000660), which successfully listed on the Nasdaq, was down more than 4% as investors took profits.
The KOSPI opened at 7,412.03, down 63.91 points (0.85%) from the previous session. It turned higher right after the open and was slightly firmer in early trading. Foreign investors and institutions were net buyers of 33.1 billion won and 38.2 billion won, respectively, while individuals were net sellers of 69.5 billion won.
Top market-cap stocks were mixed. SK hynix was down nearly 4% despite the success of its American depository receipts (ADR) listing, while as of 9:15 a.m., Samsung Electronics (1.75%) and LG Energy Solution (4.79%) were higher.
Han Ji-young, a Kiwoom Securities researcher, said, "It is a relief that optimism for semiconductors, the leading sector, was not significantly damaged by SK hynix's successful ADR listing," but noted, "There are several issues that need to be checked for a sustained re-rating of domestic semiconductor valuations."
The researcher cited as key variables: ▲ whether the ADR premium stays above 10% ▲ whether mutual conversion transactions between domestic common shares and U.S. ADRs can proceed with only a filing and no separate approval ▲ and whether AI capital expenditure (CAPEX) guidance by U.S. big tech at the end of Jul. is raised further.
The researcher added, "Because these issues need to be confirmed by the end of Jul., it is worth watching this week to see whether the SK hynix ADR success leads to improved investor sentiment for domestic semiconductors."
On the 10th (local time) on the New York Stock Exchange, SK hynix, which debuted on the Nasdaq via American depository receipts (ADR), closed at $168.49, up 13% from the offer price. That is about 15% higher than last week's domestic common share closing price.
However, over the weekend, military tensions between the United States and Iran intensified again. Iran attacked merchant ships transiting the Strait of Hormuz and then declared the strait closed, and the United States resumed airstrikes on major military facilities in southern Iran.
In Korea time that morning, U.S. Central Command announced the start of additional airstrikes, and international oil prices responded immediately. West Texas Intermediate (WTI) August futures rose more than 3%, dampening risk appetite.
The KOSDAQ was relatively firm. The KOSDAQ index opened at 839.72, up 2.29 points (0.27%) from the previous session.
All of the top 10 market-cap stocks were higher. Alteogen(196170), EcoPro BM, and Jusung Engineering were all gaining.