[Edaily Reporter Kim Kyung-eun] On the 18th, the KOSPI opened higher despite the shock of the hawkish stance taken by the U.S. Federal Open Market Committee (FOMC) the previous night, and went on to hit a new intraday high. Although the New York stock market fell after Fed Chair Kevin Warsh’s first FOMC meeting revealed a more hawkish stance than expected, the domestic stock market is showing an upward trend, overcoming concerns about a decline, thanks to strength in semiconductor stocks.

According to MP Doctor, as of 9:04 a.m., the KOSPI is trading at 8,926.34, up 62.10 points (0.70%) from the previous trading day. Having surpassed the 8,900-point mark for the first time in history, the KOSPI appears poised to break through the 9,000-point barrier as well. It briefly rose to 8,944.76 during the session, setting a new 52-week high. The KOSDAQ is trading at 1,027.62, down 4.34 points (0.42%).
By investor type, retail investors are leading the KOSPI with net purchases of 247.5 billion won. In contrast, foreign investors and institutions recorded net sales of 206.1 billion won and 43.7 billion won, respectively. On the KOSDAQ as well, retail investors (+32.4 billion won) are the sole buyers, while foreign investors (-24.9 billion won) and institutions (-7.5 billion won) are selling.
Overnight, the New York stock market fell on the shock of the FOMC announcement. While the Fed kept the benchmark interest rate unchanged at 3.50–3.75% for the fourth consecutive time, the median value of the dot plot was significantly raised from 3.4% to 3.8%. With nine members expecting rate hikes this year, the possibility of a rate cut has vanished. Chairman Kevin Warsh completely removed forward guidance and repeatedly emphasized “price stability.” Following the press conference, the S&P 500 closed down 1.21% at 7,420.10, while the Nasdaq closed down 1.35% at 26,021.66.
Lee Kyung-min, an analyst at Daishin Securities, noted, “While the Fed expressed a hawkish stance at the FOMC meeting, it also suggested that the rate hike would be a one-off event,” adding, “We are still in a phase where economic and earnings momentum remains strong, outweighing concerns about rate hikes.” He noted, “The KOSPI’s 12-month forward price-to-earnings ratio (P/E) has just recovered to 8x, indicating it remains undervalued,” and predicted, “Stronger momentum is expected as the second-quarter earnings season begins.”
Among the top market-cap stocks, semiconductor stocks are performing strongly. #SK Hynix is trading at 2,598,000 won, up 77,000 won (3.05%). #SK Square (+4.01%), #Samsung Life Insurance (+2.46%), #HD Hyundai Heavy Industries (+1.98%), and #Samsung Electronics (+0.14%) also rose. On the other hand, #Samsung Electro-Mechanics (-0.89%), #Hyundai Motor (-0.81%), #LG Energy Solution (-1.68%), and #Samsung C&T (-2.04%) are down.
By sector, electrical equipment (+3.33%), machinery (+2.52%), electric utilities (+2.65%), life insurance (+2.27%), and semiconductors and semiconductor equipment (+1.65%) are showing strength. Conversely, shipping companies (-2.29%), display panels (-2.29%), interactive media and services (-2.15%), oil and gas (-1.79%), and healthcare companies and services (-1.71%) are trading lower.
On the KOSDAQ, #Alteogen (+1.34%), #Juseong Engineering (+0.45%), #Wonik IPS (+2.13%), and #Samchundang Pharmaceutical (+0.36%) rose. Conversely, #EcoProBM (-2.06%), #EcoPro (-1.30%), #Rainbow Robotics (-0.48%), #Kolon TissueGene (-0.89%), #Rino Industries (-2.53%), and #HLB (-0.59%) are down.