The KOSPI, which had been extending its recent sharp decline, reclaimed the 7,500 level in intraday trading on the 9th in an attempted rebound. Major semiconductor stocks rebounded on the U.S. market the previous day despite negative news from Iran, and word that SK hynix's (000660.KS) American depositary receipt (ADR) offering drew strong demand added momentum, reviving investor sentiment centered on artificial intelligence (AI)-related stocks.
The KOSPI opened at 7,486.64, up 239.85 points (3.31%) from the previous session. Buying pressure intensified, and as of 9:15 a.m. the index had broken through the 7,500 level intraday, extending its gains. Foreign and institutional investors poured in with simultaneous buying from the open, lifting the index. Retail investors net sold 180.8 billion won worth of shares, while foreigners and institutions bought 94.1 billion won and 90.6 billion won worth, respectively. The KOSDAQ, which had also been on a downtrend, opened higher at 792.99, up 7.99 points (1.02%). Retail investors sold 19.9 billion won, but foreigners and institutions net bought 9.3 billion won and 9.9 billion won.
SK Group shares are rallying on news of the blockbuster demand for the SK hynix ADR. According to a Bloomberg report on the 8th, the book-building for the SK hynix ADR offering attracted massive subscriptions exceeding seven times the offered volume. Large sums from Asia-focused global investors, including global long-term investment funds and sovereign wealth funds, poured in, in what is seen as confirmation of the capital markets' strong confidence in the AI semiconductor front-runner.
As of 9:10 a.m., SK hynix was trading at 2,241,000 won, surging 7.95% from the previous day. Holding company SK (034730.KS) jumped 4.19%, and SK Square (402340.KS) rose 6.77%. Samsung Electronics (005930.KS) was up 4.50% at 290,000 won, and Hanmi Semiconductor also soared 7.56%. Outside semiconductors, Samsung Electro-Mechanics gained 5.54%, while power equipment stocks such as Hyosung Heavy Industries (4.50%) and financial stocks such as Shinhan Financial Group (1.40%) showed strength.
In contrast, a polarized market is clearly emerging, with stocks outside semiconductors and AI-related names — apart from financials — left behind. Major automakers Hyundai Motor (005380.KS) (-2.92%) and Kia (-2.74%), along with battery and defense stocks such as LG Energy Solution (-1.27%) and Hanwha Aerospace (-4.71%), fell from the previous day and remained mired in weakness.
Analysts expect bargain-hunting inflows during the session, given that the index entered historically undervalued territory as of the previous day. Foreign investors turning to net buying and driving a change of hands is another positive factor. "The domestic stock market's 12-month forward price-to-earnings ratio has been pushed down to the point of falling below the trough seen during the 2008 financial crisis," said Han Ji-young, an analyst at Kiwoom Securities. "In the current zone, where the index has fallen sharply to the low-7,000-point range, selective, staggered buying centered on oversold sectors such as semiconductors and power equipment is a reasonable approach."
