KOSPI Recovers to 2490s on Semiconductor Stocks Surge... Foreign and Institutional Buying

'Samsung Electronics Formalizes Production Cut, Leading the Rise'

The KOSPI recovered to the 2490 level on the 7th, supported by large-scale buying from foreign and institutional investors.

On that day, the KOSPI closed at 2490.41, up 31.18 points (1.27%) from the previous session. The index opened at 2478.64, up 19.41 points (0.79%), and expanded its gains during the session. Foreigners and institutions were net buyers of 695.2 billion KRW and 289.7 billion KRW respectively, driving the index higher, while individuals were net sellers of 999.2 billion KRW.

[Image source=Yonhap News]

Samsung Electronics' earnings announcement and production cut news led the domestic index's rise that day. Samsung Electronics disclosed before the market opened that its consolidated operating profit for the first quarter of this year was preliminarily estimated at 600 billion KRW, a sharp decline of 95.75% compared to the same period last year, showing an 'earnings shock.'

However, as the company officially announced semiconductor production cuts for the first time that day, expectations grew that the industry conditions would improve soon, and the stock price closed up 4.33%. In particular, foreigners bought more than 881.2 billion KRW worth of Samsung Electronics shares, pushing the price up.

Lee Kyung-min, a researcher at Daishin Securities, explained, "While expectations for passing the semiconductor industry's bottom are positive, it is still difficult for this to lead to a trend reversal in the KOSPI. This is because several macroeconomic events are scheduled for next week, including the release of the US March Consumer Price Index (CPI) and the Federal Open Market Committee (FOMC) minutes."

Among the top market capitalization stocks, Samsung Electronics (4.33%) and SK Hynix (6.32%) rose sharply, while NAVER (0.78%) and POSCO Holdings (1.93%) also increased.

By sector, the electrical and electronics sector rose significantly by 2.82% due to semiconductor strength, and securities (1.93%), manufacturing (1.63%), chemicals (1.43%), and medical precision (1.13%) also increased.

The KOSDAQ index also closed at 880.07, up 14.49 points (1.67%) from the previous session. The index started at 871.83, up 6.25 points (0.72%), and expanded its gains during the session. In the KOSDAQ market, foreigners and institutions were net buyers of 97.5 billion KRW and 131.2 billion KRW respectively, while individuals were net sellers of 219 billion KRW.

In the Seoul foreign exchange market, the won-dollar exchange rate closed at 1,316.7 won per dollar, down 2.4 won from the previous day's closing price.

This content was produced with the assistance of AI translation services.