[Oening Market] KOSPI Rebounds Above 6,600 on Tech Buying
On Sept. 3, the domestic stock market started higher, leaving behind the shock of the previous day when it plummeted due to external unfavorable factors such as increased geopolitical risks and rising oil prices. As the New York stock market successfully rebounded overnight, investor sentiment sligh
On September 3, the domestic stock market opened higher, marking a rebound from the previous day's decline triggered by external concerns like increased geopolitical risks and surging oil prices. Investor sentiment showed a slight improvement as the KOSPI index regained its 6,600 benchmark mark shortly after the opening bell. The KOSPI started at 6,650.33, climbing 87.61 points (1.33%) from the prior trading day's 6,562.72.
After a brief dip to 6,590, the index regained momentum from foreign and institutional investors' buying, particularly in large-cap semiconductor stocks. By 10:00 a.m., the KOSPI stood at 6,632.01, up 69.29 points (1.06%) from the previous day. The KOSDAQ index, however, remained volatile, remaining in the 830 range after a struggle to surpass the previous day's levels.
Foreign investors, who had sold off semiconductor stocks the day before, showed a reduced selling pressure, with a net buying dominance of 68 billion won as of 10:00 a.m. Retail investors, who had purchased over 400 billion won the day before, turned net sellers early in trading, profiting from trades and managing risks. Institutional investors fueled the market's rise through low-priced buying, with financial and private equity funds leading the charge.
Major semiconductor players like Samsung Electronics and SK hynix rebounded within a day, buoying the index. Samsung Electronics climbed to 252,500 won (+0.80%), while SK hynix reached 1,624,300 won (+0.70%). Other notable gains included LG Energy Solution (+1.20%) and Samsung Biologics (+0.85%). Hyundai and Kia automobiles also showed upward trends.
The won/dollar exchange rate opened weaker at 1,369.0 won, down slightly from the previous day's rate (1,372.5 won) due to ongoing geopolitical concerns and high oil prices, yet the dollar's strength was tempered by stabilization in foreign exchange supply and demand. Market experts noted that the market's rebound was primarily technical, driven by U.S. stock gains and strong buying in semiconductor stocks, but cautioned that the upward trend could be capped by persisting oil price and bond yield pressures stemming from Middle East tensions.
Written by urgent.news from BusinessKorea's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
