Expectations for artificial intelligence (AI) infrastructure investment driven by OpenAI lifted the market. The KOSPI closed on the 7th after breaking above the 6,900 level. It was the first time in six trading days since on the 27th that the KOSPI topped 6,900. It was 4.61 points shy of 7,000.
On the day, the KOSPI rose 4.61% (308.18 points) from the previous trading day to finish at 6,995.39. After opening at 6,910.78, up 3.34% (223.57 points) from the previous trading day, the KOSPI expanded gains in the afternoon session.
As individual investors stuck in domestic stocks moved to sell, foreigners and institutions absorbed the supply and pushed the index higher. On the Korea Exchange main board, individuals recorded net sales of 825.65 billion won. In contrast, foreigners and institutions bought 330.50 billion won and 338.14 billion won, respectively.
On the 4th, the last trading day of the previous week, U.S. August employment data came in much stronger than the market expected, making the economic indicators unfavorable. Even so, the domestic stock market rebounded. Evaluations that OpenAI's next-generation AI "Astra" has opened the era of artificial general intelligence (AGI) spurred AI infrastructure investment sentiment. Expectations that the full-scale advent of AGI, which has human-level intelligence, would inevitably trigger a surge in memory chip demand and higher prices pushed the market up.
Lee Kyung-min, a researcher at Daishin Securities, said, "While the macroeconomic environment is acting as downward pressure on the stock market, corporate positives offset it and led the rally," adding, "As positive assessments of Astra's performance continued, expectations for increased token usage and expanded AI infrastructure came to the fore."
The market was led by semiconductor stocks as investment sentiment for the sector improved. Samsung Electronics and SK hynix(000660) rose 5% and 8%, respectively, and other large-cap stocks on the main board also advanced across the board.
Kang Jin-hyuk, a researcher at Shinhan Investment & Securities, analyzed, "In August, while supply-demand among other corporations is converging with higher lows and lower highs, the Astra-driven recovery in AI investment sentiment broke to the upside," but added, "However, with macro pressures still present, including caution over this week's U.S. producer price index (PPI) and consumer price index (CPI) and uncomfortable oil price levels, it is necessary to confirm whether the KOSPI can settle above this level."
The KOSDAQ also finished with gains of more than 1%. The KOSDAQ closed at 822.19, up 1.07% (8.69 points) from the previous trading day.
The KOSDAQ market was led by individuals. While individuals were net buyers of 216.4 billion won, foreigners and institutions sold 117.0 billion won and 118.4 billion won, respectively.
Researcher Kang analyzed, "Despite discount-rate pressure from the high interest rate environment, expectations for capital expenditures (CapEx) drove strength in materials, parts, and equipment-related stocks, leading the index."