With the high-level trade negotiations between the U.S. and China approaching in two days, the KOSPI index started higher on the 8th. The Federal Reserve (Fed) froze its key interest rate overnight and slowed the pace of currency easing, but the anticipated outcome did not have a significant effect on our stock market. News of the U.S. retracting its export control policy on artificial intelligence (AI) chips seems to be boosting investor sentiment.
As of 9:11 a.m. on the same day, the KOSPI index recorded a rise of 9.73 points (0.38%) at 2583.53 compared to the previous day. The KOSPI index started at 2581.27, up 0.29% from the previous session.
In the securities market, individuals are net buying 596 billion won, which is pushing the stock prices higher. Foreigners and institutions are selling at scales of 218 billion won and 357 billion won, respectively.
Among the top market capitalization stocks in the KOSPI, semiconductor stocks such as Samsung Electronics (1.47%) and SK hynix (2.15%) are strong. It is interpreted that this is influenced by news that the Donald Trump administration in the U.S. will retract the previous Biden administration's export control policy on AI chips. In the U.S. stock market, NVIDIA also closed up 3%.
KB Financial, LG Energy Solution, and Samsung Biologics are also rising. HD Hyundai Heavy Industries, Hanwha Aerospace, and NAVER are showing weakness.
At the same time, the KOSDAQ index is trading at 727.87, up 5.06 points (0.7%) from the previous day. The KOSDAQ index started trading at 725.81, up 0.42% on the day. In the KOSDAQ market, individuals are net buying 344 billion won, while foreigners and institutions are selling at scales of 46 billion won and 208 billion won, respectively.
Most of the top market capitalization stocks in the KOSDAQ are strong. LigaChem Biosciences, Alteogen, Peptron, Ecopro BM, PharmaResearch, HLB, and Ecopro are rising. In contrast, CLASSYS, HUGEL, SME, and Nature Cell are trading at lower prices than the previous day.
On the same day, in the Seoul foreign exchange market, the won-to-dollar exchange rate (won/dollar exchange rate) is trading at 1396.4 won, down 2.1 won from the previous day.
Overnight, the U.S. stock market closed strong, increasing its gains before the close after fluctuating between declines and rebounds following the Federal Reserve's announcement of the key interest rate freeze.
On the New York Stock Exchange, the Dow Jones Industrial Average closed at 41,113, up 0.7% from the previous trading day. The Standard & Poor's (S&P) 500 index closed at 5,631.28, up 0.43% compared to the previous trading day, while the Nasdaq index closed up 0.27% at 17,738.16.