KOSPI Opens Higher, Approaching 9,000 Despite FOMC Concerns

On June 18, the KOSPI is displayed on the 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 the 8,940 mark shortly after the opening.
As of 9:05 a.m. on June 18, the KOSPI was trading at 8,942.17, up 77.93 points (0.88%) from the previous trading day. It started at 8,884.92, reflecting an increase of 20.68 points (0.23%).
In the main 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.
The performance of large-cap stocks was mixed, but the semiconductor sector showed strong gains. Notable performers included Samsung Electronics (up 1.30%), SK Hynix (up 4.09%), SK Square (up 3.82%), Samsung Life Insurance (up 2.35%), and HD Hyundai Heavy Industries (up 1.13%). Conversely, Samsung Electro-Mechanics (down 0.34%), Hyundai Motor (down 0.97%), LG Energy Solution (down 1.92%), and Samsung C&T (down 2.45%) experienced declines.
The KOSDAQ index showed relative weakness, recording a drop of 6.64 points (-0.64%) to 1,025.32 at the same time. It opened at 1,029.81, down 2.15 points (-0.21%).
In the KOSDAQ market, individual investors bought a net 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 also down, including Alteogen (down 0.40%), EcoPro BM (down 2.61%), EcoPro (down 2.52%), Rainbow Robotics (down 1.92%), JUSUNG Engineering (down 1.14%), Kolon TissueGene (down 2.13%), and Rino Technology (down 3.17%). However, Wonik IPS (up 3.22%) and HLB (up 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 FOMC's hawkish interpretation was seen as a factor that 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, stated, "The hawkish June FOMC, or the noise surrounding the U.S.-Iran ceasefire, may expose the market to potential adjustment pressure, but I believe it will be limited to a controlled pace."

* This article has been translated by AI.