The KOSPI index, buoyed by simultaneous buying by foreigners and institutions, jumped more than 6% to top the 7,300 level. The KOSDAQ index also rose more than 4%, settling around the 820 level.
As of 11:24 a.m. on the 15th, the KOSPI index was at 7,319.48, up 462.65 points (6.75%) from the previous day. The KOSPI opened higher than the previous trading day, and a buy-sidecar, a temporary suspension of program buy orders, was triggered right after the open. Since then, as net purchases by foreigners and institutions have grown, the index has been gaining around 7%.
On the Korea Exchange main board, foreigners are net buying 1.4286 trillion won, and institutions are also net buying more than 200 billion won. In contrast, individuals alone are net selling 1.6158 trillion won, taking profits.
Heavyweights by market capitalization are rising across the board. Strength in semiconductor and holding company sectors is particularly notable. Samsung Electronics(005930) is trading at 279,000 won, up 16,000 won (6.08%) from the previous trading day, while SK hynix(000660) is at 2,127,000 won, up 214,000 won (11.19%). SK Square(402340) is trading at 1,399,500 won, up 209,500 won (17.61%).
Samsung Electro-Mechanics(009150)(11.90%), SK(034730)(9.79%), Hanwha Aerospace(012450)(6.19%), Samsung Life Insurance(032830)(5.36%), LG Energy Solution(373220)(4.66%) and most other top-cap stocks are showing strength.
At the same time, the KOSDAQ index is also extending its sharp gains. As of 11:24 a.m., the KOSDAQ index was at 820.48, up 36.50 points (4.66%) from the previous day. A buy-sidecar was triggered on the KOSDAQ market 17 minutes after the open. Foreigners and institutions are showing a buying advantage, supporting the index's rise.
It is analyzed that the tailwind from the boom in the U.S. New York stock market the previous day is also spreading to the domestic market.
Overnight on Wall Street, the U.S. June consumer price index (CPI) increase came in below market expectations, easing rate concerns and apparently boosting domestic investor sentiment.
On the previous day at the New York Stock Exchange (NYSE), the Dow Jones industrial average rose 9.63 points (0.02%) from the previous session to close at 52,508.27. The Standard & Poor's (S&P) 500 index gained 28.25 points (0.38%) to 7,543.59, and the tech-heavy Nasdaq composite added 233.83 points (0.90%) to finish at 26,107.01.
The U.S. Labor Department released that the June consumer price index (CPI) rose 3.5% from a year earlier, below the market expectation (3.8%) and the previous month's 4.2%. This spurred expectations for a benchmark rate cut by the Federal Reserve (Fed), which is seen to have aided a recovery in investor sentiment.
On its third trading day on the Nasdaq, SK hynix American depositary receipts (ADR) surged 27.29% from the previous trading day to a record high of $193.92. Barclays analyst Simon Coles said in a report that a shortage in memory chip supply will persist and set a target price of $330.
Global semiconductor names led the gains, including Nvidia (4.06%), Micron (4.92%), and SanDisk (5.01%).