KOSPI opens up 2.45% at 5,642.09…breaks above 5,600 for the first time ever

The KOSPI has broken above the 5,600 mark for the first time on record. An overnight surge in Micron Technology on Wall Street helped lift shares of Samsung Electronics and SK hynix. Samsung Electronics rose past the 190,000-won level intraday, while SK hynix regained the 900,000-won level once again.

As of 9:04 a.m. on the 19th, the KOSPI was trading at 5,664.64, up 157.63 points (2.86%) from the previous session. It crossed above 5,600 right after the open, and signs are emerging that the gain could widen further.

Sharp gains in Samsung Electronics and SK hynix are driving the index higher. Samsung Electronics is up around 5%, breaking above 190,000 won. SK hynix is also up 3.3%, reclaiming 900,000 won once again. SK Square is also up 4.3%.

The move appears to reflect Micron’s 5.1% jump overnight in New York. Disclosures that U.S. hedge funds actively added Micron shares in the fourth quarter of last year helped push the stock higher.

Other large-cap stocks by market capitalization are also mostly higher.

Hyundai Motor, the only decliner among the top 10 by market cap, is down only marginally. Kia, meanwhile, is up 1.58%.

Doosan Enerbility is up 2.69%, while HD Hyundai Heavy Industries is surging 7.37%.

By investor type, retail buying is standing out. Individuals are net buyers of KRW 105.2 billion worth of shares on the main board. Foreigners and institutions, meanwhile, are selling KRW 85.1 billion and KRW 18.9 billion, respectively.

The KOSDAQ is trading at 1,115.70, up 9.62 points (0.87%). In this market, individuals are net buyers of KRW 14.2 billion worth of stocks, while foreigners are selling KRW 11.7 billion.

KOSDAQ heavyweights are also mostly higher.

Alteogen is up 3.66% and Samchundang Pharm is gaining 2.99%.

Rainbow Robotics is also up 0.6%.

By contrast, LEENO Industrial is down 1.33%. Kolon TissueGene is also falling 2.12%.

In the Seoul foreign exchange market, the won-dollar exchange rate was trading at KRW 1,452.1 per dollar, up KRW 7.5 (0.52%) from the previous session.

Overnight in New York, major indexes closed higher. News that Nvidia and Meta Platforms would expand their partnership boosted investor sentiment, but gains were pared back substantially after reports said the possibility of a rate hike was discussed at last month’s regular Federal Open Market Committee (FOMC) meeting. On the 18th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average rose 129.47 points (0.26%) to 49,662.66, the Standard & Poor’s (S&P) 500 gained 38.09 points (0.56%) to 6,881.31, and the Nasdaq Composite climbed 175.25 points (0.78%) to 22,753.63.

Woo Han-kyung, Hankyung.com reporter case@hankyung.com