Summary
- The Kospi opened 1.87%% higher and broke above 7,900, topping the 7,900 level for the first time on record.
- Individuals were net buyers of 1.353 trillion won, while foreign and institutional investors were net sellers, splitting market flows.
- Large semiconductor stocks, AI-themed shares, and shipbuilding and battery stocks all rose, helping drive the benchmark higher.
Forecast Trend Report by Period
South Korea’s Kospi broke above 7,900 at the open on May 12 for the first time, as large semiconductor stocks and artificial intelligence plays extended their gains.
As of 9:03 a.m., the Kospi was trading at 7,968.66, up 146.42 points, or 1.87%, from the previous session. The benchmark opened at 7,953.41 and briefly jumped to 7,999.67 soon afterward, falling just short of the 8,000 mark.
Individuals were lifting the index, buying 1.353 trillion won worth of shares on the Kospi market. Foreign and institutional investors sold 1.335 trillion won and 40 billion won, respectively.
Most large-cap stocks were higher.
SK Hynix rose 3.94%, while Micron Technology gained more than 6% in New York overnight. Seo Sang-young, an executive director at Mirae Asset Securities, said expectations for a benefit from lower Samsung Electronics shipments in the event of a union strike were reflected in the move. SK Square added 2.78%.
Samsung Electronics also rose 1.31%.
Hyundai Motor advanced 3.56%, extending the previous session’s gains as momentum in physical AI remained in focus.
HD Hyundai Heavy Industries climbed 4.09% on expectations for cooperation with the US in shipbuilding.
LG Energy Solution gained 2.24%, while Doosan Enerbility rose 3.83%.
The Kosdaq was up 8.61 points, or 0.71%, at 1,215.95. On that market, individuals and institutions bought 125.6 billion won and 300 million won worth of shares, respectively, while foreigners sold 105.8 billion won.
Most large-cap Kosdaq stocks also traded higher.
EcoPro BM was flat, while EcoPro rose 1.16%.
Alteogen was slightly lower, while Kolon TissueGene and Samchundang Pharm climbed 1.73% and 3.91%, respectively.
Jusung Engineering and Wonik IPS gained 2.63% and 3.53%, respectively.
In Seoul’s foreign-exchange market, the won-dollar exchange rate was trading at 1,476.4 won per dollar, up 3.7 won from the previous session.
US stocks rose overnight, with the S&P 500 and Nasdaq Composite setting fresh record highs again on the back of a semiconductor rally. Gains were limited as military tensions in the Middle East escalated again.
On May 11, the Dow Jones Industrial Average rose 95.31 points, or 0.19%, to 49,704.47. The S&P 500 added 13.91 points, or 0.19%, to 7,412.84, while the Nasdaq Composite gained 27.05 points, or 0.10%, to 26,274.13.
Han Gyeong-u, Hankyung.com reporter case@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
