According to the Korea Exchange, the Kospi stood at 7,082.16 as of 9:55 a.m. on Sept. 23, up 0.92% from the previous session. The index opened at 7,153.99, up 136.08 points, or 1.94%. The Kosdaq also opened 7.35 points, or 0.88%, higher at 841.73 and held onto gains.
Most large-cap Kospi names advanced. Samsung Electronics rose 2.71% to 284,000 won, marking a fourth consecutive session of gains since Sept. 18. Should it close above 280,000 won, it would reclaim that level on a closing basis for the first time in about a month, since Aug. 21. SK hynix (000660) (1.63%), SK Square (402340) (3.62%), Samsung Electro-Mechanics (009150) (0.54%) and LG Energy Solution (373220) (2%) also gained.
By investor type, retail investors took profits in large volume, while foreign and institutional investors absorbed the selling. Individuals net sold about 1 trillion won worth of Kospi shares, extending their selling streak to a fourth session, while foreigners net bought about 140 billion won worth, marking four straight sessions of net buying. Institutions net bought about 700 billion won worth.
On Wall Street overnight, the three major indexes were mixed as investors watched the U.S. and Iran at the U.N. General Assembly, but artificial intelligence and semiconductor shares extended gains. Sentiment improved as oil prices fell on reports that Iran had proposed reopening the Strait of Hormuz within seven days in exchange for an easing of U.S. military pressure.
Analysts said AI optimism is spreading after Meta's personal work AI agent "Muse" topped Apple's App Store free application rankings. The market is expected to gauge AI-related memory demand and improving profitability through Micron's earnings release later this month and Samsung Electronics' preliminary third-quarter results next month.
Lee Kyoung-min, an analyst at Daishin Securities, said, "A U.S.-China summit is scheduled for Sept. 24, during the Chuseok holiday, and it is likely to be a neutral-or-better variable," adding, "If the trade truce is extended, tariffs are lowered and semiconductor controls on China are maintained, we expect the Kospi to break through the top of its range (7,200) after the holiday."
Moon Nam-joong, an analyst at Daishin Securities, said, "Even if the summit yields only broad principles, an extension of the truce between the two countries that expires on Nov. 9 would carry significant meaning by reaffirming a period of tactical detente," adding that it "will underpin gains in global equities."
Han Ji-young, an analyst at Kiwoom Securities, said, "Although the Kospi gave back most of its intraday gains in the previous session, fading after a strong start, it is worth noting that it defended the 7,000 line amid that flow," adding, "That shows resistance at the upper end is weakening compared with before, even though supply pressure near 7,000 remains relatively high."
