On the 5th, the KOSPI index is trading up 4% around the 6,600 level. The move reflects the increased likelihood of negotiations between the United States and Iran and strong results released by artificial intelligence (AI) corporations.
As of 11:15 a.m. that day, the KOSPI index was trading at 6,617.61, up 258.66 (4.07%) from the previous transaction day. The index, which started the session up 3%, triggered a "buy sidecar" that halts program trading for five minutes during the session. It is the first time in three transaction days since Friday.
Foreign investors are net buyers of 431.7 billion won, lifting the index. Institutions are also net buyers of 345.3 billion won. Individuals alone are net sellers of 774.4 billion won.
SK hynix(000660) is up 6%, and Samsung Electronics is up 3%, recovering the 1.6 million won and 240,000 won levels, respectively. On news that the United States will restrict exports of robot parts to China, Samsung Electro-Mechanics(009150) and LG Innotek are up more than 10%.
Progress in negotiations between the United States and Iran boosted investor sentiment. U.S. Secretary of State Marco Rubio said that day, "There has been progress in the negotiations, but we have not yet reached a final agreement," adding, "We hope an agreement will be reached very soon."
International oil prices and Government Bonds yields are falling. West Texas Intermediate (WTI) fell 5.69% to $75.77 per barrel, and Brent crude fell 5.26% to $79.36 in transactions. The U.S. 10-year Government Bonds yield also inched down to 4.615%.
AI corporations also released strong results. Palantir, after posting a second-quarter "earnings surprise," raised its annual revenue outlook and its stock surged 29%. Caterpillar also raised its sales growth guidance and closed up 6%. The Philadelphia Semiconductor Index (SOX) jumped 7%, Micron 7%, and Marvell Technology 12%.
At the same time, KOSDAQ was trading at 797.6, up 16.88 (2.16%). After triggering buy sidecars for three consecutive transaction days, it is also slightly higher that day. Individuals are net buyers of 300 billion won, while foreigners and institutions are net sellers of 242.9 billion won and 60 billion won, respectively. Alteogen(196170), which released news of an additional licensing agreement, is up 3%.