Hopes of End to U.S.-Iran War and AMD Surprise Lift Sentiment
The index is displayed on an electronic board in the dealing room of KB Kookmin Bank in Yeouido, Seoul, on the morning of May 7, after the KOSPI opened at 7499.07, up 114.51 points, or 1.55%, from the previous trading day at 7384.56. (Photo provided by KB Kookmin Bank)
The KOSPI rose above 7,500 for the first time ever. The move was attributed to gains on Wall Street as the possibility of an end to the U.S.-Iran war increased, while an earnings surprise from AMD boosted investment sentiment toward semiconductors.
As of 9:12 a.m. on May 7, the KOSPI was at 7444.46, up 59.90 points, or 0.81%, from the previous trading day. The KOSPI opened at 7499.07, up 114.51 points, or 1.55%, on the day, and at one point during the session climbed to 7531.88, rewriting its all-time high.
Han Ji-young, a researcher at Kiwoom Securities, said, “The domestic stock market is expected to start higher on the back of falling oil prices and interest rates amid expanding expectations for an end to the U.S.-Iran war, as well as a more than 4% surge in the Philadelphia Semiconductor Index triggered by AMD.” She added, “As AMD’s earnings surprise was partly priced into the domestic stock market the previous day, returns may be spread across other sectors beyond the AI (artificial intelligence) value chain such as semiconductors.”
In the KOSPI market, individual investors were net buyers of 3,887.5 billion won ($2.83 billion), while foreigners were net sellers of 2,766.5 billion won ($2.01 billion) and institutions were net sellers of 1,157.1 billion won ($842 million).
By sector, construction rose in the 6% range, general services in the 4% range, machinery and equipment and transportation and warehousing in the 3% range, electricity and gas and transportation equipment and parts in the 2% range, and pharmaceuticals and IT services in the 1% range. Entertainment and culture, non-metallic minerals, manufacturing, electrical and electronics, insurance, distribution, chemicals, and food, beverage and tobacco posted modest gains, while medical and precision instruments, textiles and apparel, paper and wood, finance, real estate, and telecommunications were little changed on the weak side. Metals fell in the 1% range and securities dropped in the 5% range.
Among top market-cap stocks, Hyundai Motor, at 572,000 won ($416.15) ▲22,000 +4%, rose in the 8% range; Doosan Enerbility, at 135,600 won ($98.69) ▲8,600 +6.77%, rose in the 7% range; Kia, at 159,600 won ($116.16) ▲5,000 +3.23%, gained in the 3% range; HD Hyundai Heavy Industries, at 669,000 won ($486.91) ▲21,000 +3.24%, rose in the 2% range; and Samsung Electronics, at 266,500 won ($193.98) ▲500 +0.19%, gained in the 1% range. Samsung Life Insurance, at 300,000 won ($218.36) ▲2,000 +0.67%, Samsung C&T, at 380,000 won ($276.59) ▲4,500 +1.2%, SK hynix, at 1,599,500 won ($1,164.17) ▼1,500 -0.09%, SK Square, at 1,076,500 won ($783.51) ▼12,500 -1.15%, and KB Financial Group, at 159,200 won ($115.87) ▲300 +0.19%, were in slightly positive territory, while Samsung Biologics, at 1,471,000 won ($1,070.64) ▼9,000 -0.61%, and Samsung Electro-Mechanics, at 900,000 won ($654.97) ▼12,000 -1.32%, were in slightly negative territory. LG Energy Solution, at 475,750 won ($346.00) ▼6,250 -1.3%, fell in the 1% range, while Hanwha Aerospace, at 1,376,000 won ($1,001.50) ▼57,000 -3.98%, fell in the 2% range.
At the same time, the KOSDAQ was trading at 1213.94, up 3.77 points, or 0.31%, from the previous trading day. The KOSDAQ opened at 1210.83, up 0.66 points, or 0.05%, and immediately turned weaker, but began rebounding from around 9:11 a.m.
In the KOSDAQ market, foreigners were net buyers of 37.5 billion won ($27 million) and institutions were net buyers of 20.1 billion won ($15 million), while individuals were net sellers of 49.5 billion won ($36 million).
By sector, publishing and media, general services, and textiles and apparel rose in the 1% range, while metals, entertainment and culture, pharmaceuticals, and transportation equipment and parts posted modest gains. Electrical and electronics, other manufacturing, manufacturing, food, beverage and tobacco, telecommunications, medical and precision instruments, chemicals, paper and wood, and IT services were slightly weaker, while non-metallic minerals, transportation and warehousing, machinery and equipment, distribution, and finance fell in the 1% range, and construction dropped in the 2% range.
Among top market-cap stocks, Kolon TissueGene, at 118,500 won ($86.23) ▲14,900 +14.38%, rose in the 11% range; LigaChem Biosciences, at 183,200 won ($133.34) ▲6,400 +3.62%, and EcoPro BM, at 238,000 won ($173.09) ▲9,500 +4.16%, rose in the 2% range; and ABL Bio, at 131,250 won ($95.45) ▲3,650 +2.86%, gained in the 1% range, while Alteogen, at 366,000 won ($266.22) ▲2,500 +0.69%, posted a modest gain. Peptron, at 268,000 won ($195.07) ▼1,500 -0.56%, Rainbow Robotics, at 728,500 won ($529.84) ▲26,500 +3.77%, and HLB, at 62,500 won ($45.47) ▲800 +1.3%, were in slightly negative territory, while Samchundang Pharm, at 404,500 won ($294.23) ▼1,500 -0.37%, Jusung Engineering, at 126,200 won ($91.78) ▼1,400 -1.1%, and Wonik IPS, at 126,500 won ($92.00) ▼2,500 -1.94%, fell in the 1% range. EcoPro, at 163,100 won ($118.62) ▲300 +0.18%, Lino Industrial, at 114,900 won ($83.58) ▼1,800 -1.54%, and Innoteknix were down in the 2% range.
In the Seoul foreign exchange market, the won-dollar exchange rate began daytime trading at 1448.6 won, down 6.5 won from the previous session.
Yoon Young-sil
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