Despite Middle East-driven geopolitical jitters, the KOSPI closed above the 7,000 mark, buoyed by the tailwind from OpenAI's next-generation artificial intelligence (AI) model "Astra." It is the first time in 33 trading days that the KOSPI ended above 7,000 on a closing basis.
On the 9th, the KOSPI rose 97.12 points, or 1.4%, from the previous trading day to close at 7,051.64. Starting the session at 6,972.87, the index crossed the 7,000 mark intraday on strong buying.
Institutional and other corporations' buying was strong. They net bought 941.7 billion won and 1.7808 trillion won, respectively. Looking closer at institutions, financial investment (734.2 billion won) and investment trusts (170.5 billion won) were net buyers, while pension funds showed a net selling advantage of 41.1 billion won. Individuals and foreigners, by contrast, net sold 2.2875 trillion won and 435 billion won.
Although Middle East risks resurfaced, the GPT-6 "Astra" effect from OpenAI appears to have had a strong impact on the stock market.
Earlier, the U.S. military said it attacked five oil tankers near Iran's Kharg Island. The Yemen Houthi rebels aligned with Iran claimed they carried out a large-scale retaliatory strike targeting facilities of Saudi Aramco, the state-run oil company of Saudi Arabia, and air bases.
Global oil prices and U.S. Government Bonds yields jumped. Brent crude futures for November delivery settled at $97.92 per barrel, near $100. The yield on the U.S. 10-year Treasury also ended above 4.8%.
Lee Kyung-min, a researcher at Daishin Securities, said, "Despite unstable external conditions, the Astra effect continued," and noted, "AI growth potential and demand were again highlighted through the Citi TMT Conference and the Goldman Sachs conference, which also acted as upward pressure for the sector."
By sector, secondary battery stocks, including LG Energy Solution, were strong on expectations that the United States will scale back cooperation with Chinese battery corporations. Refiners, including S-Oil, were also strong on higher oil prices.
The KOSDAQ also ended higher. The KOSDAQ index closed at 830.37, up 18.49 points, or 2.28%, from the previous trading day. Foreign investors net bought 225.2 billion won, while individuals and institutions net sold 214.5 billion won and 19.8 billion won, respectively.
Semiconductor materials, parts, and equipment stocks were strong. Wonik IPS, SIMMTECH, and others closed higher, including Jusung Engineering(036930).