[Edaily Reporter Kim Hyung-il ] The KOSPI and KOSDAQ surged early in the session but have since given up some of their gains in the afternoon. Buoyed by strength in the U.S. stock market in New York, bargain-hunting—particularly in semiconductor stocks—triggered a series of buy-side circuit breakers in both markets. However, the upward momentum appears to have weakened somewhat due to caution ahead of U.S. inflation data and earnings reports from major companies.

According to MP Doctor on the 10th, as of 1:18 p.m. that day, the KOSPI stood at 5,204.36, up 185.51 points (3.70%) from the previous trading day, while the KOSDAQ rose 19.45 points (3.04%) to 658.42. Considering that the KOSPI opened at 5,247.22—up 228.37 points (4.55%) from the previous trading day—and the KOSDAQ opened at 661.73—up 22.78 points (3.56%)—the gains have narrowed.

According to the Korea Exchange, a buy-side sidecar was triggered in the KOSPI market at 9:06 a.m. that day. This marked the 58th sidecar activation this year, with 28 buy-side sidecars and 30 sell-side sidecars. At the time of activation, the price of the nearest-month Mini KOSPI 200 futures contract had risen 5.76% from the reference price of 776.26 points to 821.04 points, and this level persisted for one minute. Consequently, the effectiveness of buy orders in program trading was suspended for five minutes. At the time of activation, the net buying volume from program trading stood at 79.3 billion won.

At 9:10 a.m., a buy-side sidecar was also triggered in the KOSDAQ market. At that time, the KOSDAQ 150 futures were trading at 1,099.50, up 6.29%, while the KOSDAQ 150 spot index stood at 1,095.53, up 5.87%. In the KOSDAQ market as well, the validity of buy orders in program trading was suspended for five minutes.

A buy-side circuit breaker is a market stabilization measure triggered when futures prices surge above a certain level and remain there for one minute. In the KOSPI market, it is triggered when the KOSPI 200 futures price rises more than 5% above the reference price and remains there for one minute. In the KOSDAQ market, the measure is triggered only when both the KOSDAQ 150 futures price rises more than 6% above the benchmark price and the KOSDAQ 150 spot index rises more than 3% from the previous trading day’s closing price, and both conditions persist simultaneously for one minute.

The overall upward trend in the market continued into the afternoon, but buying interest was concentrated on large-cap stocks and semiconductor-related stocks. As of 1:18 p.m., the KOSPI Large-Cap Index was up 3.82%. Mid-cap and small-cap stocks rose by only 2.32% and 1.7%, respectively. By sector, medical and precision instruments rose 8.75%, posting the highest gain, followed by machinery and equipment (6.33%), construction (5.39%), and electrical and electronics (4.82%).

Among the top market-cap stocks, SamsungElectronics(005930)rose 4.05% from the previous trading day to 197,600 won, while SK hynix(000660)climbed 5.81% to 1,202,000 won. SamsungElectronics(1P)(005935)(5.17%), SKSQUARE(402340)(4.16%), SamsungElectroMechanics(009150)(3.80%), and LG Energy Solution(373220)(3.30%) also showed strength. In contrast, SAMSUNG BIOLOGICS(207940)fell 2.35%.

On the KOSDAQ market as well, buying interest focused on semiconductor components, biotech, and rechargeable battery-related stocks. By sector, machinery and equipment rose 4.65%, posting the highest gain, followed by electrical and electronics (4.16%) and finance (3.77%). Among the top-market-cap stocks, EO Technics Co., Ltd.(039030)surged 11.48%, while SIMMTECH Co., Ltd.(222800)(5.81%), Rainbow Robotics(277810)(5.62%), and JUSUNG ENGINEERING Co.,Ltd.(036930)(5.08%) also performed strongly. Alteogen Inc.(196170)and ECOPRO CO., LTD(086520)rose 4.10% and 4.95%, respectively. HLB INC.(028300)fell 1.33%.

In terms of supply and demand, buying pressure centered on large-cap KOSPI stocks was evident. As of 1:18 p.m., foreign and institutional investors had net purchased 345.1 billion won and 549.5 billion won, respectively, in the KOSPI market. Retail investors net sold 1.2658 trillion won. On the KOSDAQ, institutions were net buyers of 132.9 billion won, while foreign investors were net sellers of 132.7 billion won, and retail investors were net buyers of 7.6 billion won.

The rebound in the domestic stock market today was driven by the strength of semiconductor stocks in the U.S. market overnight and a decline in international oil prices. On the 9th (local time), the Dow Jones Industrial Average closed at 52,389.75 on the New York Stock Exchange, up 2.15% from the previous trading day. The S&P 500 Index rose 2.35%, and the Nasdaq Index rose 2.74%. In particular, the Philadelphia Semiconductor Index surged 6.9%. Buying momentum spread across the semiconductor sector, with AMD rising 13.3% and Broadcom gaining 8.8%. In contrast, Nvidia fell 4.3% amid controversy surrounding CEO Jensen Huang.

Falling international oil prices also supported risk-on sentiment. West Texas Intermediate (WTI) crude oil fell below $87 per barrel following reports of discussions to unfreeze Iranian funds and remarks by U.S. President Donald Trump suggesting that the likelihood of military action would be low if negotiations progressed. The Volatility Index (VIX) fell to 19.9 points, and the Fear & Greed Index recorded 32 points, signaling a move away from a phase of extreme fear.

Kang Jin-hyuk, an analyst at Shinhan Investment Securities, noted, “The domestic stock market is showing strength as bargain-hunting in semiconductor stocks flows in, driven by expectations of easing tensions related to Iran, stabilizing international oil prices, and a recovery in risk appetite.” He added, “Buying momentum emerged, centered on major semiconductor stocks such as SamsungElectronics and SK hynix, as the sharp rise in the U.S. semiconductor index coincided with perceptions of oversold conditions.”

He continued, “Caution remains ahead of major events such as the release of the U.S. October Consumer Price Index (CPI) and CoreWeave’s earnings report,” adding, “A wait-and-see attitude, as investors seek to gauge external events, is causing the domestic stock market to give back some of its gains following the sharp rise early in the session.”