[Edaily Reporter kyoungeun kim ] On the 11th, the domestic stock market saw a head-on clash between macroeconomic headwinds—namely, the possibility of a “big step” (a 0.5 percentage point hike) in the U.S. benchmark interest rate—and positive fundamentals driven by CoreWeave and Anthropic in the artificial intelligence (AI) sector. Nevertheless, the market closed higher, with the KOSDAQ index breaking above the 700-point mark, continuing its sharp rally from the previous day. The index, which had opened lower due to tightening concerns, completely reversed course during the session and closed near its intraday high.

According to MP Doctor, the KOSPI closed at 5,375.36, up 136.23 points (2.60%) from the previous day. The KOSPI opened 0.56% lower and hovered around the flat line early in the session, but as major semiconductor stocks reversed course, the broader market followed suit, with gains expanding to as much as 2.65% toward the end of the session.

The KOSPI 200 Volatility Index (VKOSPI), often referred to as the “fear index,” plummeted by more than 9% for the second consecutive day, falling to 52.76.

Foreign investors were net buyers on the KOSPI, purchasing 658.7 billion won worth of stocks, marking their second consecutive day of net buying.

The KOSDAQ closed at 705.10, up 37.49 points (5.62%) from the previous day. The index opened quietly at 668.48, up 0.13%, but steadily extended its gains as the session progressed, closing at the day’s high in a classic “upward trend.” With buying pressure so intense that the temporary suspension of program buy orders (buy-side sidecar) was triggered for two consecutive days, the index reclaimed the 700-point level—which it had lost on the 5th—in just five trading days.

The catalyst for the index’s turnaround that day was the New York stock market the previous night. As the U.S. October Consumer Price Index (CPI)—both headline and core—exceeded market expectations by 0.1 percentage points each, the conditions for the “big step” previously signaled by Federal Reserve (Fed) Governor Waller were effectively met.

However, what shifted the market’s momentum was a wave of positive news regarding AI infrastructure that poured in after the New York market closed. CoreWeave, a neo-cloud provider, reported a 168% year-over-year surge in third-quarter revenue, exceeding market forecasts, while operating profit also jumped 298%. Despite a net loss of $790 million, the stock price soared 7.90% in after-hours trading. Compounded by reports that the offering price for Anthropic’s IPO, scheduled for the 19th, could exceed the initially proposed range ($70–$78 per share), investor sentiment toward the entire AI value chain reversed overnight.

Securities analysts interpreted the day’s index reversal as a result of “confidence in earnings” prevailing over “tightening concerns.” Kim Jae-seung, an analyst at HYUNDAI MOTOR SECURITIES, noted, “This indicates a positive response to Anthropic’s roadshow, which could lead to increased new capital raising and help alleviate concerns about the sustainability of future AI investments,” adding, “Since this news broke, domestic semiconductor investment sentiment also appears to be picking up.”

Kang Jin-hyuk, an analyst at Shinhan Investment Securities, also analyzed, “Along with the rebound in Nasdaq futures and major Asian stock markets, SamsungElectronics and SK hynix posted gains, supporting the KOSPI’s rise.” He added, “Even as the overall AI value chain showed mixed performance, SamsungElectroMechanics held up well, and secondary batteries and some healthcare stocks also showed strength.” In short, the assessment is that the confirmation that “AI is actually generating profits” was a more decisive factor for investors than interest rate fluctuations.

Looking at individual stocks, SamsungElectronics(005930)(3.57%) and SK hynix(000660)(5.36%), which had started the day lower, turned positive during the session and became key drivers of the index’s reversal.

In addition, SKSQUARE(402340)(4.74%), LG Energy Solution(373220)(1.51%), and SamsungElectroMechanics(009150)(4.65%) also posted gains, while SAMSUNG BIOLOGICS(207940)(-2.59%), HyundaiMotor(005380)(-0.91%), and KIA CORPORATION (-1.56%) were left out of the semiconductor rally.

There were 575 gainers on the KOSPI, nearly double the number of decliners (296).

Rainbow Robotics(277810)On the KOSDAQ, the rebound was even more dramatic than on the KOSPI following reports of unconfirmed policy stimulus measures. Led by materials, parts, and equipment as well as secondary batteries, JUSUNG ENGINEERING Co.,Ltd.(036930)(17.14%), ECOPRO BM CO., LTD.(247540)(11.39%), ECOPRO CO., LTD(086520)(10.09%), SIMMTECH Co., Ltd.(222800)(11.39%), (10.09%), EO Technics Co., Ltd.(039030)(8.43%), (7.08%), LEENO Industrial Inc(058470)(7.00%), and Alteogen Inc.(196170)(4.08%)—most of the top-market-cap stocks—surged by double-digit percentages.

There were 1,278 gainers on the KOSDAQ, far outnumbering the 399 decliners. Institutional investors led the index with net purchases of 313.5 billion won, while retail and foreign investors recorded net sales of 185.6 billion won and 131.9 billion won, respectively.

By sector, electronic equipment and office electronics surged 6.15%, telecommunications equipment rose 5.03%, and semiconductors climbed 4.75%. Display equipment, headsets, chemicals, and life sciences also rose more than 3%, with most sectors closing higher.

In contrast, gaming software (-5.64%), transportation (-3.58%), and furniture (-3.14%) closed lower.