Samsung Reclaims 300,000 Won as SK Hynix Tops 2,000,000 Won; KOSDAQ Also Surges
The KOSPI and other indices are displayed on the electronic board at the Hana Bank dealing room in Jung-gu, Seoul, on May 26.
The KOSPI index has retaken the 8000 mark for the first time in six trading days. Samsung Electronics and SK Hynix, the first and second largest companies by market capitalization, surpassed 300,000 won ($198.02) and 2,000,000 won ($1,320.13), respectively, in early trading.
International oil prices, which had been heightening inflation concerns, fell as expectations for negotiations between the United States and Iran grew. As the overall Asian stock market showed an upward trend, the KOSPI also broke through to an all-time high once again on this day.
According to the Korea Exchange on May 26, the KOSPI recorded 8027.20 as of 9:15 a.m. on this day, up 2.29% from the previous trading day.
The index started at 8070.91, up 2.84% from the previous trading day. Right after the opening, it climbed to the 8094.90 mark, easily breaking through the previous intraday high.
Samsung Electronics is trading at 299,000 won, up 2.22%, and SK Hynix is recording 84,000 won, up 4.33%.
Samsung Electronics rose to 301,500 won in early trading, successfully retaking the 300,000 won level, and SK Hynix also surged to 2,040,000 won, reaching the 2,000,000 won milestone.
SK Square, the third largest by market capitalization, is trading at 1,204,000 won, up 1.6%. Most of the top market capitalization stocks, including Hyundai Motor (2.60%), Samsung Electro-Mechanics (10.22%), and LG Energy Solution (2.76%), are on an upward trend.
While individuals are net buying 227.5 billion won in the KOSPI market, foreigners and institutions are net selling 107.6 billion won and 99.2 billion won, respectively.
Recently, foreigners have net sold approximately 46.3383 trillion won over the past 12 trading days. As the KOSPI index shows an upward trend on this day, attention is focused on whether there will be a change in the actions of foreign investors.
The KOSDAQ is also on the rise. At the same time, the KOSDAQ is recording 1201.38, up 3.47%. This is the first time it has exceeded 1200 during intraday trading in nine trading days since May 12. While individuals are net selling 119.4 billion won in the KOSDAQ market, foreigners and institutions are net selling 115.7 billion won and 9.8 billion won, respectively, pulling up the index.
Overnight, the New York stock market was closed for Memorial Day, just like in South Korea. However, on the previous day, the Nikkei 225 average, the representative stock index of the Japanese stock market, closed at 65158.19, up 2.87%, surpassing the 65000 mark for the first time in history. The Taiwan Taiex index also closed with a 3.26% surge, breaking the intraday high at one point by hitting 43645.78 points.
International oil prices, which had been raising inflation concerns, also plummeted. Overnight at the ICE Futures Europe exchange in London, the United Kingdom, Brent crude futures for July delivery closed at $96.14 per barrel, down 7.15% from the previous session. West Texas Intermediate crude futures for July delivery at the New York Mercantile Exchange also ended the session at $90.31, down 6.51%.
This is interpreted as the impact of growing expectations for negotiations between the United States and Iran. It is reported that the United States and Iran are close to signing a memorandum of understanding to extend the ceasefire period by 60 days and reach a final agreement during this period. This is also reported to include an additional 60-day ceasefire and the reopening of the Strait of Hormuz, stimulating the sentiment of investors.
With the listing of single-stock leveraged products for Samsung Electronics and SK Hynix just one day away, there are also observations that a phenomenon of capital concentration could occur.
The won-dollar exchange rate started at 1515.0 won, down 2.2 won from the previous trading day’s closing price as of 3:30 p.m.
Yoon Young-sil
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