KOSPI rebounds to the 4,160 level, up 0.5%… SK Hynix up 4%

YM Lee

Summary

It reported that the KOSPI, buoyed by foreign buying, recovered the 4,160 level and showed strength.
SK Hynix and other major large caps rose, but the KOSDAQ is showing weakness due to net selling by foreign and institutional investors.
It said the market is expected to remain on the sidelines ahead of major events such as the FOMC and interest rate cuts.

KOSDAQ is 'weak'

The KOSPI is showing early-session strength thanks to buying by foreign investors. The KOSDAQ index is declining.

As of 9:03 a.m. on the 10th, the KOSPI stood at 4,167.61, up 24.06 points (0.58%) from the previous day. The KOSPI, which opened at 4,159.05, up 15.5 points (0.37%) from the previous day, is showing an upward trend.

On the Korea Exchange, foreign investors are net buyers of 24 billion won. Individual and institutional investors are net sellers of 26.6 billion won and 4.1 billion won, respectively.

With SK Hynix (4.24%) leading gains, SK Square (1.08%), Samsung Electronics (0.92%), Doosan Enerbility (0.78%), LG Energy Solution (0.68%), and Samsung C&T (0.6%) are showing strength.

Conversely, Hanwha Aerospace (-3.02%), Hyundai Motor (-1.63%), Samsung Biologics (-0.96%), KB Financial (-0.56%), and Naver (-0.4%) are trading lower.

The KOSDAQ index is trading at 929.09, down 2.26 points (0.24%) from the previous day. The KOSDAQ began trading at 932.37, up 1.02 points (0.11%) from the previous day, before turning lower.

In the KOSDAQ market, foreign and institutional investors are net sellers of 106.3 billion won and 38.9 billion won, respectively, pulling the index down. Individual investors are net buyers of 151.6 billion won.

Most of the top market-cap KOSDAQ stocks, including Voronoi (-2.93%), Rainbow Robotics (-1.63%), HLB (-1.62%), Pharmaresearch (-1.54%), Alteogen (-1.42%), Ligachem Bio (-1.31%), Robotis (-1.23%), and ABL Bio (-0.91%), are mostly declining.

The won-dollar exchange rate opened at 1,470 won, down 2.3 won from the previous session, and is trading in the 1,469-won range.

On the 9th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 47,560.29, down 179.03 points (0.38%) from the previous session. The S&P 500 closed at 6,840.51, down 6 points (0.09%), and the Nasdaq closed at 23,576.49, up 30.58 points (0.13%).

It is interpreted that caution has increased ahead of the U.S. Federal Open Market Committee (FOMC). From today, the FOMC will begin a two-day meeting. With the U.S. central bank (Fed) expected to cut the benchmark interest rate by 0.25% point, the market has already priced in the rate cut and is focusing on next year's rate path. The FOMC will release the Summary of Economic Projections (SEP) and the dot plot at this meeting.

Han Ji-young, a researcher at Kiwoom Securities, said in a pre-market report, "Given upcoming events such as the December FOMC and Oracle's earnings release, a cautious, wait-and-see market is expected in the domestic stock market."

Jin Young-gi, Hankyung.com reporter young71@hankyung.com