Kospi Soars Over 4%, Nears 7,000 Mark

During trading hours, it surpassed 6,984, nearing the 7,000 mark. Individual investors recorded net sales of approximately 8 trillion won.

Foreign investors showed strong buying in the futures market. After buying nearly 2 trillion won on September 4, foreigners net bought 3.4 trillion won in futures on this day. This strong foreign futures buying significantly impacted the Kospi index's rise.

This is because long-term task performance and reliability are essential for AGI implementation. Kim Jang-yeol, Center Head, explained, "Even if the unit cost is high, say $20 for one attempt, and the success probability for that one attempt is 90%. Then 0.9 x 0.9 x 0.9 x 0.9 is 43%. Which is more favorable in terms of productivity and unit cost? Naturally, it's the high-cost one."

While 100,000 GPUs were used for OpenAI's Astra model development, a new forecast suggests 400,000 units will be needed for the next-generation model. This raises concerns that GPU supply shortages could reoccur in the future.

Global semiconductor and memory-related stocks showed a synchronized upward trend. SanDisk rose 12% and Kioxia surged 9%, indicating strong overseas market performance. Domestically, SK Hynix ADR climbed 8.1%, with SK Hynix also recording an 8% gain. This demonstrates the synchronization of domestic semiconductor stocks with global semiconductor price movements.

Software stocks recently underwent an adjustment in August due to a sharp drop in token prices. The decline in token prices led to concerns about the profitability of AI software companies, and news of delays in new service launches by OpenAI and Anthropic further prompted a reduction in software stock holdings. This capital has now begun to rotate into semiconductor and memory sectors.

It was suggested that the current market is characterized by strong selling sentiment at the bottom, and hasty selling should be avoided. It takes time for investors' perceptions to change and for the market's meaning to be understood. As of this morning, no reports from Meritz or Micron have been released, leaving many investors unaware of the exact significance of today's rise. Therefore, it's a time to observe the process of changing perceptions among market participants rather than viewing today's rally as a one-off event.

Doosan Enerbility's gas turbines and BHI's heat recovery boilers demonstrated a linked effect, moving together. KEPCO E&C also rose with expectations for large-scale nuclear power plants. This strength in power equipment stocks is directly related to increased investment in power infrastructure due to data center expansion.

While the market acknowledges LNF's need for fundraising, it is believed that the market sentiment will vary depending on whether it is a third-party allocation. Currently, the secondary battery sector is in a cooling-off period with strong profit-taking desires, making the impact of this CB issuance a point of focus.

Funds are concentrating in the power equipment and nuclear power sectors. Some investors are moving funds from other sectors into these. In contrast, energy storage system (ESS) related stocks like Seojin System rose 8.7%, showing signs of breaking out of their bottom. This appears to be a combined result of increased investment in power infrastructure and growing demand related to renewable energy.

Despite employment figures significantly exceeding expectations, the market tended to prioritize other indicators like the Consumer Price Index (CPI) announcement. Interpretations suggest that a significant portion of the employment surprise was due to seasonal factors in the leisure and education sectors, raising doubts about the reliability of employment indicators. Kim Jang-yeol, Center Head, emphasized caution in interpreting indicators, stating, "But if it's like this, the reliability of this indicator needs to be discussed. It always adds hundreds like this to expectations."

In the Kospi spot market, institutional and foreign investors recorded net buying in tandem, driving the market. In contrast, individual investors showed a selling advantage. This is interpreted as a move by individual investors to realize profits in a rising market, following the typical pattern, and also as providing an opportunity for institutions and foreigners to buy.

The outlook for the actual introduction time of the glass substrate market remains uncertain. While its potential to replace silicon interposers is discussed, major companies like NVIDIA and AMD have not yet officially commented on glass substrates. Therefore, it is suggested that a long-term perspective is needed for the commercialization of glass substrates. Attention will be paid to what information is revealed through related events.

This has raised caution that the demand for robot-related stocks might be a temporary phenomenon. Therefore, advice was given to approach robot-related momentum, including Hyundai Motor, with more patience and caution.

Considering no special policy announcements domestically and its linkage with other Asian stock markets, whether there will be additional upward momentum remains to be seen. Kim Jang-yeol, Center Head, commented, "Well, if no special news comes out, I wonder if it will be extended. Domestically, there aren't any policy announcements today, as far as I know."

The simultaneous inflow of buying from foreign and institutional investors today is a rare occurrence. Despite the US market holiday, this supply and demand trend is optimistically predicted not to be a fleeting one-day event. This suggests the possibility that the domestic stock market will continue a trend-following upward movement for some time.