KOSPI Opens Higher Amid FOMC Concerns, Approaching 9,000 Points

On June 18, the KOSPI is displayed on the trading board at Hana Bank's dealing room in Jung-gu, Seoul. The KOSPI opened at 8,884.92, up 20.68 points (0.23%) from the previous day, while the KOSDAQ index opened at 1,029.81, down 2.15 points (0.21%). [Photo=Yonhap News]

The KOSPI opened higher, fueled by buying interest in semiconductor stocks, despite hawkish signals from the U.S. Federal Open Market Committee (FOMC). The index surpassed 8,940 points early in the session, raising expectations of breaking the 9,000-point mark.
According to the Korea Exchange, as of 9:05 a.m., the KOSPI was trading at 8,942.17, up 77.93 points (0.88%) from the previous trading day. The index started at 8,884.92, reflecting an increase of 20.68 points (0.23%).
In the main stock market, individual investors led the rise with a net purchase of 378.1 billion won, while foreign and institutional investors sold off 313.1 billion won and 69.6 billion won, respectively, to realize profits.
While the performance of large-cap stocks was mixed, the semiconductor sector showed strong gains. Samsung Electronics rose by 1.30%, SK Hynix by 4.09%, SK Square by 3.82%, Samsung Life by 2.35%, and HD Hyundai Heavy Industries by 1.13%. Conversely, Samsung Electro-Mechanics fell by 0.34%, Hyundai Motor by 0.97%, LG Energy Solution by 1.92%, and Samsung C&T by 2.45%.
The KOSDAQ index, however, displayed relative weakness. At the same time, it recorded a decline of 6.64 points (-0.64%) to 1,025.32, starting at 1,029.81, down 2.15 points (-0.21%).
In the KOSDAQ market, individual investors net bought 51.3 billion won, while foreign and institutional investors sold off 37 billion won and 13.7 billion won, respectively.
Most large-cap stocks in the KOSDAQ were down, including Alteogen (-0.40%), EcoPro BM (-2.61%), EcoPro (-2.52%), Rainbow Robotics (-1.92%), Juseong Engineering (-1.14%), Kolon TissueGene (-2.13%), and Rino Technology (-3.17%). However, Wonik IPS (3.22%) and HLB (1.97%) saw gains.
Overnight, U.S. markets closed lower, with the Dow Jones Industrial Average down 0.97%, the S&P 500 down 1.21%, and the tech-heavy Nasdaq Composite down 1.34%. The market reacted to the FOMC's hawkish interpretation, which dampened investor sentiment.
However, analysts suggest that while a short-term consolidation phase may occur due to the FOMC's impact, the strong demand for semiconductor and AI-related large-cap stocks could support the lower end of the index.
Han Ji-young, a researcher at Kiwoom Securities, noted, "The hawkish June FOMC, or noise from the U.S.-Iran ceasefire, could expose the market to potential adjustment pressure, but it may be limited to a controlled pace."

* This article has been translated by AI.