The KOSPI rose more than 2% to reclaim the 8,700 level on Tuesday, lifted by joint buying from foreign and institutional investors. The gains were attributed to risk-on sentiment following news of a cease-fire agreement between the United States and Iran, which continued to positively influence Korean markets for a second day.
The KOSPI closed at 8,726.60, up 180.62 points, or 2.11%, from the previous session. According to the Korea Exchange, foreign investors net bought 1.5329 trillion won and institutions net bought 705.9 billion won, while individuals net sold 2.185 trillion won.
Among top market-cap stocks, semiconductor-related shares were strong, setting a series of record highs. SK Square (402340.KS) closed up 6.23% at 1,501,000 won, marking a new record high. SK hynix (000660.KS) ended up 4.11% at 2,382,000 won, touching 2.4 million won at one point during the session. Samsung Electro-Mechanics (009150.KS) also closed up 2.45% at 2,048,000 won, setting a new record high.
Samsung Electronics (005930.KS) and Samsung Life Insurance (032830.KS) closed up in the 1% range, while Samsung C&T edged higher. By contrast, LG Energy Solution (373220.KS) and HD Hyundai Heavy Industries (329180.KS) fell in the 2% range, and Hyundai Motor (005380.KS) declined in the 1% range.
The atmosphere from overnight gains in the three major New York indexes, which all rose on news of the U.S.-Iran cease-fire agreement, carried over into the Korean market, analysts said.
On Monday, the Dow Jones Industrial Average rose 0.92% and the Standard & Poor's 500 index gained 1.65% on the New York Stock Exchange. The tech-heavy Nasdaq index surged 3.07%, and the Philadelphia Semiconductor Index jumped 5.45%.
In particular, artificial intelligence (AI)-related stocks, which had recently undergone a correction, all rebounded, boosting investor sentiment.
By contrast, the KOSDAQ index closed at 1,018.68, down 15.35 points, or 1.48%, from the previous session. Individuals net bought 784 billion won, but institutions and foreign investors net sold 462.9 billion won and 318.9 billion won, respectively, dragging down the index.
