South Korea's benchmark KOSPI reclaimed the 7,000 mark in intraday trading for the first time in 15 sessions, lifted by strength in U.S. semiconductor stocks and easing inflation pressure.
As of 9:11 a.m. on the 14th, the KOSPI (Korea Composite Stock Price Index) was up 184.56 points, or 2.71%, at 6,997.90, according to the Korea Exchange (KRX). The index opened at 6,995.67, up 182.33 points or 2.68%, and crossed the 7,000 level in early trade. It was the first time in 15 sessions that the KOSPI traded above 7,000 intraday, following the same level last reached on the 24th of the previous month.
The gains reflected a rally in semiconductor stocks on Wall Street overnight. SanDisk jumped 13.8% on the 13th in the U.S., while Micron and Lam Research rose 4.2% and 3.3%, respectively. Analysts said the July Producer Price Index (PPI) came in softer than expected, reducing the chances of a Federal Reserve rate hike in September and adding to the strength in U.S. markets.
Samsung Electronics (005930.KS) and SK hynix (000660.KS) also advanced. Samsung Electronics traded at 271,000 won, up 1.12% from the previous session, while SK hynix rose 5.65% to 1,683,000 won. Samsung Electronics preferred shares gained 2.34% and SK Square rose 2.42%. Most other top market-cap stocks also climbed, including Samsung Electro-Mechanics (2.53%), Hyundai Motor (6.81%), Samsung Life Insurance (3.95%), Samsung C&T (0.82%) and Kia (3.20%). Hanwha Aerospace, by contrast, fell 2.28% and KB Financial Group slipped 0.36%.
On the main board, foreign investors posted net buying of 410 billion won ($295 million). Individuals and institutions were net sellers of 60.6 billion won and 339.5 billion won, respectively.
The KOSDAQ edged higher. The index stood at 867.52, up 6.15 points or 0.71% from the previous session. It opened at 868.07, up 6.70 points or 0.78%, and traded around the 870 level.
Most top KOSDAQ stocks by market value also rose. Alteogen traded at 322,000 won, up 1.42% from the previous session, and Ecopro rose 1.41% to 93,400 won. Ecopro BM (2.18%), Rainbow Robotics (1.61%) and Jusung Engineering (2.06%) also gained.
Foreign investors drove prices higher on the KOSDAQ as well, posting net buying of 10.9 billion won, while individuals and institutions were net sellers of 4.7 billion won and 7.4 billion won, respectively.
