KOSPI opens higher on U.S.-led tailwinds…reclaims the 5,350 level

South Korea’s benchmark KOSPI rose more than 1% in early trading on the 10th, reclaiming the 5,350 level. The move is seen as a return of risk-on sentiment as U.S. stocks extended their rebound despite concerns over the profitability of artificial intelligence (AI).

As of 9:05 a.m., the KOSPI was up 60.44 points, or 1.14%, from the previous session to 5,358.49.

In the main board market, foreigners and institutions were net buyers of 197.7 billion won and 30.7 billion won, respectively, while individuals were net sellers of 223.1 billion won.

The gain was attributed to upbeat sentiment from Wall Street. Overnight, the Dow Jones Industrial Average rose 0.04%, while the S&P 500 and the Nasdaq Composite advanced 0.47% and 0.9%, respectively.

Among KOSPI heavyweights, Samsung Electronics, SK hynix, Hyundai Motor, LG Energy Solution, Samsung Biologics, SK Square, Hanwha Aerospace, Kia, KB Financial Group, HD Hyundai Heavy Industries and Celltrion were higher, while Doosan Enerbility was lower.

The KOSDAQ was up 11.05 points, or 0.98%, from the previous session to 1,138.6 at the same time. After opening up 0.42%, the index briefly widened gains to the 1% range early in the session. In the KOSDAQ market, institutions were net buyers of 28.8 billion won, while individuals and foreigners were net sellers of 20.8 billion won and 8.2 billion won, respectively.

Among top KOSDAQ names by market cap, EcoPro, Alteogen, EcoPro BM, Rainbow Robotics, ABL Bio, Kolon TissueGene, HLB, Ligachem Bio, Caregen and Peptron were higher, while Samchundang Pharmaceutical, Lino Industrial and Wonik IPS were lower.

In Seoul’s FX market, the won-dollar exchange rate opened at 1,459 won per dollar, down 1.30 won from the previous session.

Ko Jeong-sam, Hankyung.com reporter jsk@hankyung.com