KOSPI 'tug-of-war' after setting a fresh all-time high… U.S. weakness, Iran political jitters weigh [Roundup]

KOSPI hits an intraday record high of 4,749 points on the 15th

Upside capped amid Middle East geopolitical jitters

The KOSPI has extended its winning streak to 10 consecutive sessions since the start of the year, staging a record-high rally.

As of 9:16 a.m. on the 15th, the KOSPI was up 20.48 points (0.43%) from the previous session at 4,743.58. The index at one point climbed as high as 4,749.64, setting a new all-time high. However, upside appears capped as geopolitical unease in the Middle East is priced in.

The index opened lower on concerns over political instability in Iran and the possibility of U.S. military intervention, but managed to turn higher after strong buying emerged early in the session.

Earlier, U.S. stocks fell for a second day overnight in New York as tech and financial shares weakened. Intraday reports that the U.S. could intervene in Iran’s geopolitical situation dampened investor sentiment.

At this hour, institutional investors in the KOSPI market are showing net buying of 56.3 billion won. Foreigners and retail investors, meanwhile, are posting net selling of 47.8 billion won and 5.6 billion won, respectively.

Moves among the KOSPI’s heavyweights are mixed. Samsung Biologics, Hanwha Aerospace and HD Hyundai Heavy Industries are gaining, while Samsung Electronics, SK hynix and LG Energy Solution are falling.

Hanwha Galleria surged straight to the daily upper limit early in the session on the impact of Hanwha’s holding company’s spin-off.

The Kosdaq is trading around flat. At this time, the Kosdaq is down 0.46 points (0.05%) from the previous session at 941.72.

The won-dollar exchange rate opened lower. In Seoul’s FX market, the won-dollar rate opened at 1,465.0 won, down 12.5 won from the previous session.

Noh Jeong-dong, Hankyung.com reporter dong2@hankyung.com