South Korea's two main stock indexes opened higher and extended their gains, with the KOSPI reclaiming the 7,000 line during morning trading. New York markets fell across the board overnight on Middle East geopolitical tensions and surging oil prices, but Korean stocks shed those concerns shortly after the open and built rebound momentum. Analysts said the advance masks diverging calculations among leading sectors, producing a clear rotation across industries.
As of 9:10 a.m. on the 9th, the KOSPI was trading at 6,996.87, up 0.62% from the previous session, as it attempted to move back above 7,000, according to the Korea Exchange. The index opened at 6,972.87, up 18.35 points or 0.26%, then swung above and below the 7,000 line in early trading.
On the main board, retail investors bought a net 50.9 billion won worth of shares, driving the index higher. Foreign and institutional investors sold a net 45.6 billion won and 13.8 billion won, respectively, capping gains. At the same time, the KOSDAQ rose 1.55%, outperforming the KOSPI. That index opened at 815.06, up 3.18 points or 0.39%, and widened its advance. Foreign investors bought a net 80.2 billion won on the KOSDAQ, lifting the index.
While both indexes gained, sentiment within the market diverged. Large-cap chip stocks on the KOSPI were mixed. Samsung Electronics (005930.KS) traded down 0.19% at 269,000 won, while SK hynix (000660.KS) rose 0.95% to 1.81 million won. Hanmi Semiconductor (042700.KS) climbed 4.50%.
With chipmakers lacking clear direction, buying concentrated in power infrastructure, shipbuilding and nuclear-related shares. Hanwha Ocean (042660.KS) rose 5.57%, while HD Korea Shipbuilding & Offshore Engineering (009540.KS) gained 2.45%, HD Hyundai Heavy Industries (329180.KS) 2.14% and Samsung Heavy Industries (010140.KS) 1.41%. Stocks tied to rising data center power demand and nuclear projects also advanced, including Doosan Enerbility (034020.KS) at 3.91%, LS ELECTRIC at 3.74%, HD Hyundai Electric (267260.KS) at 3.71%, Hyosung Heavy Industries (298040.KS) at 3.14%, Doosan (000150.KS) at 2.89% and Korea Electric Power at 1.17%.
On the KOSDAQ, money flowing out of large-cap biotech shares moved strongly into semiconductor materials, parts and equipment stocks. Chip equipment maker HPSP rose 7.50%, while ISC (095340.KQ) gained 5.79%, Simmtech 4.27%, TES 4.19%, PSK 4.14%, LEENO Industrial (058470.KQ) 3.92%, Wonik IPS (240810.KQ) 3.89%, Jusung Engineering (036930.KQ) 3.80%, Eugene Technology (084370.KQ) 3.69%, Techwing 3.25% and Soulbrain (357780.KQ) 3.07%. Stocks linked to AI power infrastructure also surged, with Woori Technology up 11.69%, TAIHAN Fiberoptics (010170.KS) up 10.07% and BHI up 5.02%.
Top biotech names by market value, meanwhile, pulled back. Alteogen (196170.KQ), the largest KOSDAQ stock by market capitalization, fell 2.17%, followed by Caregen at 1.91%, ST Pharm at 1.63%, Voronoi at 1.07%, Hugel (145020.KQ) at 0.63% and Peptron at 0.48%. Han Ji-young, an analyst at Kiwoom Securities (039490.KS), said macro volatility persists amid surging oil prices out of the Middle East and caution ahead of the August consumer price index release. "The current tug-of-war around the KOSPI 7,000 line is not a breakdown in the index's direction but a process of absorbing supply, and can be seen as a healthy rotation in which market funds are moving into leading sectors such as semiconductor materials and equipment and power facilities, where earnings visibility is high," Han said.
