Kospi Reclaims 5,800 Early, Rises 2.82% as Chip Stocks Advance
Summary
- The Kospi reclaimed the 5,800 level, rising 2.82%, as strength in U.S. semiconductor stocks fed through to the market.
- In the Kospi market, foreign investors were net buyers of 53.9 billion won as large-cap semiconductor stocks such as Samsung Electronics and SK Hynix moved higher.
- On the Kosdaq, buying also concentrated in semiconductor-related stocks, with Simmtech, LEENO Industrial and Wonik IPS advancing, while HLB posted a sharp decline.
Forecast Trend Report by Period
South Korea’s Kospi rose back above 5,800 in early trading on November 4, helped by a rebound in U.S. technology shares.
As of 9:05 a.m., the benchmark index was up 159.46 points, or 2.82%, at 5,808.25 from the previous close. Caution lingered ahead of the U.S. midterm election results, but strength in semiconductor stocks on Wall Street appeared to bolster sentiment in Seoul.
U.S. stocks closed mixed overnight. The Dow Jones Industrial Average fell 0.38%, while the S&P 500 rose 0.36% and the Nasdaq gained 0.83%. The Philadelphia Semiconductor Index jumped 2.63%, improving investor appetite for chip stocks.
In the Kospi market, foreign investors were net buyers of 53.9 billion won, supporting the index. Individuals and institutions were net sellers of 95.7 billion won and 49.7 billion won, respectively.
Large-cap semiconductor stocks led the gains. Samsung Electronics rose 3.42% to 227,000 won, while SK Hynix advanced 5.08% to 1.469 million won. SK Square gained 5.34%, Samsung Electro-Mechanics added 4.43% and Samsung Electronics preferred shares rose 3.96%. Samsung Biologics fell 2.20%, while LG Energy Solution dropped 2.07% and Hyundai Motor slipped 0.36%.
The Kosdaq also moved higher. At the same time, the index was up 11.04 points, or 1.57%, at 715.43. Individuals were net buyers of 57.3 billion won, while foreigners and institutions were net sellers of 32.4 billion won and 10.9 billion won, respectively.
On the Kosdaq, buying was concentrated in semiconductor-related shares. Simmtech surged 8.55%, while LEENO Industrial rose 4.49%, Wonik IPS gained 4.14% and EO Technics added 3.21%. EcoPro rose 3.56%, EcoPro BM gained 2.63% and Rainbow Robotics advanced 2.87%. HLB plunged 19.66%, while Alteogen fell 3.75%.
Meanwhile, the won was trading at 1,334.0 per dollar in Seoul, down 1.1 won from the previous session.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.