With a tailwind from SK hynix… Will the KOSPI's rally continue? [Market preview for today]

The KOSPI index, which has been rapidly posting new record highs day after day, is being watched on whether it will continue its record-high streak on the 29th thanks to SK hynix's best-ever quarterly results.

Ahead of the market open, SK hynix disclosed in a filing that, on a consolidated basis, its operating profit for the third quarter of this year was KRW 11.3834 trillion, a 61.9% increase from the same period last year, based on a preliminary tally. Revenue was KRW 24.4489 trillion, up 39.1% year-on-year. Net income was KRW 12.5975 trillion (net profit margin 52%), up 119%. It exceeded KRW 10 trillion for the first time since the company's founding.

SK hynix surpassed its previous record set in the second quarter—revenue of KRW 22.232 trillion and operating profit of KRW 9.2129 trillion—in just one quarter. SK hynix achieved its largest quarterly results ever as DRAM and NAND price increases took hold and shipments of high-performance products for AI servers increased.

There is a forecast that supply-demand skirmishes will unfold in the stock market on the day. This is because SK hynix's third-quarter operating profit slightly missed the market consensus (estimates). The market's forecast for SK hynix's third-quarter operating profit was about KRW 11.5 trillion.

So far this month, foreign investors are reported to have net bought Samsung Electronics shares worth KRW 4.8 trillion while net selling SK hynix shares worth KRW 3.4 trillion. Han Ji-young, a Kiwoom Securities analyst, said, "The direction of foreign investors' supply and demand is the main concern of domestic investors," adding, "The short-term responsiveness of the stock market is becoming increasingly difficult."

Overnight, the three major U.S. stock indexes rose and closed at record highs. When NVIDIA dismissed concerns about an 'AI bubble' and said demand for AI chips remains strong, the market responded with a rally. NVIDIA jumped more than 5% and came close to a market capitalization of $5 trillion.

Seo Sang-young, executive director of WM Innovation at Mirae Asset Securities, also said, "Overnight, one comment by Jensen Huang, NVIDIA's CEO, partly eased concerns about an AI bubble," and analyzed, "In the domestic market today, buying driven by the NVIDIA effect and profit-taking will pour in together."

Reporter Ryu Eun-hyeok ehryu@hankyung.com