Foreigners "Buy" on AI Tailwinds... KOSPI Rebounds for Second Straight Day, KOSDAQ Surges 5.62%
Foreign investors make net purchases of KRW 650 billion on the KOSPI
KOSPI rises 2.6% to close at 5,375.36
KOSDAQ tops 700 on institutional buying
South Korean stocks closed higher on November 11, buoyed by an improvement in investor sentiment toward artificial intelligence (AI). The KOSPI recovered from an early decline and rose for a second consecutive session, supported by foreign buying. The KOSDAQ also climbed sharply, triggering a buy-sidecar for a second straight day.
The KOSPI closed at 5,375.36, up 136.23 points (2.60%) from the previous trading day. It opened at 5,209.71, down 29.42 points (0.56%) from the previous session, before rebounding intraday and extending its gains. In particular, foreign investors made net purchases worth KRW 658.8 billion, lifting the index. Institutional investors and individuals, meanwhile, made net sales worth KRW 482.3 billion and KRW 715.1 billion, respectively.
Among top stocks by market capitalization, SK hynix (5.36%), SK Square (4.74%), Samsung Electro-Mechanics (4.54%), Samsung SDI (4.50%), Samsung Electronics preferred shares (3.77%), Samsung Electronics (3.32%), SK Inc. (2.71%), Celltrion (1.97%), LG Energy Solution (1.51%), Samsung Life Insurance (1.43%) and Hana Financial Group (1.10%) advanced. By contrast, Samsung Biologics (-2.38%), Kia (-1.66%), Hyundai Motor (-0.91%) and Hanwha Aerospace (-0.46%) fell.
"Improved sentiment toward AI investment helped South Korean stocks advance despite concerns about inflation," said Lim Jungeun, an analyst at KB Securities. "Semiconductors led the market's gains." CoreWeave, a U.S. AI cloud company, reported third-quarter results that beat market expectations. News also emerged that Anthropic, the developer of the generative AI service Claude, is considering raising its IPO price amid strong investor demand ahead of its Nasdaq listing on November 19.
The KOSDAQ triggered a buy-sidecar for a second consecutive day as buying spread across sectors including secondary batteries, biotechnology and robotics, as well as semiconductors. The index opened at 668.48, up 0.87 points (0.13%) from the previous trading day, and extended its gains to close at 705.10, up 37.49 points (5.62%). Institutional investors led the rise with net purchases worth KRW 313.5 billion. Foreign investors and individuals, meanwhile, made net sales worth KRW 131.9 billion and KRW 185.6 billion, respectively.
Among top stocks by market capitalization, TSE (24.32%), PSK Holdings (17.21%), Jusung Engineering (17.14%), Wonik IPS (16.52%), SIMMTECH (15.20%), EcoPro BM (10.91%), PSK (10.48%), HPSP (10.01%), ISC (9.71%), Robotis (9.30%) and EcoPro (9.13%) posted strong gains. Hugel (-2.26%), HLB (-0.99%) and PharmaResearch (-0.60%) ended lower.
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"Although concerns about interest rates and uncertainty stemming from Nvidia remain, demand for AI infrastructure, reaffirmed by CoreWeave's results, is encouraging," Lim added. "Investors should be mindful of potential volatility in supply and demand ahead of the domestic options expiration on November 12."
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