On the 29th, the KOSPI index started strong, bolstered by NVIDIA's strong performance.
As of 9:08 a.m. on the same day, the KOSPI index recorded 2,690.48, up 20.33 points (0.76%) from the previous day. The KOSDAQ index at the same time was up 4.19 points (0.57%) at 732.98.
In the securities market, institutions led the index rise with a net purchase of 25.5 billion won. Individuals and foreigners are net selling 2 billion won and 31.8 billion won, respectively.
Most of the large-cap stocks are showing red signals. Samsung Electronics is up 0.45% and SK hynix is up 2.64%. After NVIDIA announced better-than-expected performance overnight, buying sentiment in the semiconductor sector improved. Hanwha Aerospace, Hyundai Motor, and Kia stocks are rising, while LG Energy Solution and KB Financial are experiencing a downturn.
At the same time, in the KOSDAQ market, foreigners and institutions are net selling 37.1 billion won and 1.9 billion won, respectively. Only individuals are actively buying, with a net purchase of 39.3 billion won.
The large-cap stocks in the KOSDAQ market are showing mixed trends. Alteogen, RAINBOW, Rainbow Robotics, and PharmaResearch stocks are performing well, while Ecopro, ECOPRO BM, CLASSYS, and Sam Chun Dang Pharm are trading at lower prices than the previous day.
On the same day, in the Seoul foreign exchange market, the won-dollar exchange rate was trading at 1,380.20 won, up 5.2 won from the previous day.
Overnight, the U.S. stock market was holding its breath for the NVIDIA earnings announcement to be released after the market closed. Concerns about stagflation highlighted in the May Federal Open Market Committee (FOMC) minutes also weighed on investor sentiment.
On the New York Stock Exchange, the Dow Jones Industrial Average closed at 40,098.70, down 0.58% from the previous trading day. The Standard & Poor's (S&P) 500 index closed down 0.56% at 5,888.55. The Nasdaq Composite Index fell 0.51%, and the Philadelphia Semiconductor Index dropped 0.55%.
On the 28th (local time), NVIDIA reported earnings that exceeded market expectations despite U.S. export restrictions against China. In its earnings announcement after the market closed, NVIDIA stated that its first-quarter revenue was $44.062 billion, a 69% increase compared to the same period last year. Before the earnings announcement, NVIDIA's shares closed down 0.51% in normal trading, but are rising over 3% in after-hours trading.
Meanwhile, attention is focused on the Bank of Korea's decision on the benchmark interest rate to be announced in the morning. The Bank of Korea's Monetary Policy Committee will decide whether to adjust the current benchmark rate of 2.75% in the monetary policy direction meeting held that morning. Experts predict that the committee will lower the benchmark rate to 2.5% this month.