On the 29th, the KOSPI opened higher. With Wall Street ending mixed the previous day, a sharp drop in global oil prices eased inflation concerns and boosted expectations for a Federal Reserve rate cut, which appeared to warm investor sentiment in the domestic market.
On the day, the KOSPI started trading at 6,089.11, up 65.45 points (1.09%) from the previous session. In the Korea Exchange, foreigners showed net selling early in the session, while individuals and institutions turned to net buying, driving the index higher.
The KOSPI, which quickly expanded its early gains, was up 120.45 points (2.00%) at 6,144.11 as of 9:05 a.m., extending its strength.
Among large-cap names, Samsung Electronics(005930) and SK hynix(000660) are leading the advance. Even though tech and semiconductor shares on Wall Street weakened on profit-taking the previous day, Samsung Electronics (3.41%) and SK hynix (2.71%) are showing strong gains of 2%–3%.
Hyundai Motor(005380) (2.88%), Hyundai Mobis(012330) (3.30%), Samsung Electro-Mechanics(009150) (3.14%), and Celltrion(068270) (2.20%) are also rising. In contrast, Hanwha Aerospace(012450) (-4.46%), SK(034730) (-2.96%), Samsung Biologics(207940) (-2.39%), and Samsung Life Insurance(032830) (-1.58%) are declining early in the session.
On the previous day, the Dow Jones Industrial Average rose 1.03%, leading gains in traditional stocks. The Nasdaq composite fell 0.22%, ending mixed. With debate over AI overvaluation, funds rotated from tech into traditional sectors with solid earnings, making the "rotation" trend clear.
In particular, on expectations of easing geopolitical tensions in the Middle East, West Texas Intermediate (WTI) futures tumbled 5% to around $78 a barrel, sharply lowering inflation pressure. Expectations that the Federal Open Market Committee (FOMC) scheduled this week will hold rates steady and possibly cut in September gained traction, which was seen as having a positive impact across the market.
The KOSDAQ also opened higher. The KOSDAQ opened at 713.71, up 7.86 points (1.11%) from the previous day, and is maintaining its momentum. As of 9:05 a.m., the index was up 9.54 points (1.35%) at 715.39, extending gains. While individuals and institutions are net buyers, foreigners are net sellers.