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KOSPI Surges to Record Intraday High as U.S.-EU Tariff Agreement Fuels Optimism

The KOSPI Index soared to a new intraday high during early trading on October 24, buoyed by positive sentiment surrounding trade negotiations between the United States and the European Union. Reports of a landmark 15% mutual tariff agreement sparked a wave of optimism in global markets, pushing the benchmark higher.

As of 9:24 a.m. KST, the KOSPI Index climbed 1.57% to 3,233.84, according to the Korea Exchange. The session began with the index opening at 3,209.43, up 0.81% or 25.66 points from its previous closing level of 3,183.77, and gains continued to accelerate as market momentum strengthened.

Market Overview: Institutional and Foreign Buyers Drive Gains

On the main KOSPI board, institutional and foreign investors drove the rally, collectively net buying 384.9 billion won and 114.9 billion won, respectively. In contrast, retail investors net sold 500.1 billion won, tempering some of the gains.

Sector-wise, the gains spanned across the board. The Machinery and Equipment sector led the charge, surging 3.73%, followed by strong advances in Pharmaceuticals (up 2.85%) and Electric and Electronics (rising 1.25%). Other notable sectors included Manufacturing (up 1.36%), Transport Equipment and Components (up 1.54%), Construction (up 1.39%), Large-Cap Stocks (up 1.23%), and Financials (up 1.00%).

Blue-Chip Stocks Strengthen as Investors Rally Around Market Leaders

Top-weighted stocks on the KOSPI showed impressive strength. Market bellwether Samsung Electronics gained 0.30%, while semiconductor heavyweight SK Hynix jumped 3.07%. LG Energy Solution posted a robust gain of 3.27%. Biotech giant Samsung Biologics led the pharmaceutical subsector with a 4.23% increase, while aerospace player Hanwha Aerospace rose 1.32%.

In the auto sector, Hyundai Motor rose 0.90%, while its affiliate Kia surged 2.73%. Financial stocks also advanced, with KB Financial climbing 1.39%. Meanwhile, Doosan Enerbility emerged as a star performer with a 4.89% jump, reflecting growing investor interest.

Expert Insights: Analysts Highlight Trade and Earnings Momentum

Han Ji-young, an analyst at Kiwoom Securities, noted that the landmark 15% mutual tariff deal struck between the U.S. and EU could set a precedent for other pending trade discussions. "This agreement could open doors for South Korea to negotiate similar concessions, which might include reduced automotive tariffs or reciprocal terms," she said.

Han also provided perspective on the current market trend, emphasizing the dual impact of trade optimism and AI-driven advancements. She cautioned, however, that sector-specific volatility may persist throughout the ongoing earnings season, with stock price fluctuations differing significantly across industries.

Earnings results from major players, including SK Hynix, Hyundai Motor, KB Financial, Samsung Heavy Industries, and HD Hyundai Marine Solutions, are expected today and could act as a pivotal influence on market performance.

KOSDAQ Index Climbs Higher as Market Sentiment Improves

The KOSDAQ Index mirrored the upward movement of the broader market with its own strong gains. As of 9:24 a.m. KST, the tech-heavy index rose 0.59% to 818.33 after opening at 816.94, representing a 0.42% or 3.38-point increase from its previous close of 813.56.

Investor behavior on the KOSDAQ was also notable. Foreign and institutional investors continued their buying spree, net purchasing 24.5 billion won and 4.8 billion won, respectively. However, retail investors again were net sellers, offloading 27.4 billion won.

From a sectoral standpoint, Paper and Wood outperformed with a significant 2.83% gain, while Pharmaceuticals rose 1.12%. Other gainers included Machinery and Equipment (up 0.91%) and General Services (0.79%). Telecommunications, Medical Precision Equipment, and Manufacturing sectors also contributed positively.

Mixed Performances for KOSDAQ Heavyweights

KOSDAQ market heavyweights displayed a mixed performance. Among the winners, Alteogen inched up 0.42%, while EcoPro BM advanced 0.73%. Samchundang Pharm experienced a significant 12.18% surge, and Rigem Bio grew by 0.69%. However, not all stocks joined the rally, with Peptron sliding 2.36%, HLB dipping 0.30%, and PharmaResearch inching lower by 0.51%.

Forex Market: South Korean Won Strengthens Against Dollar

In the foreign exchange market, the South Korean won showed strength against the U.S. dollar. The won-dollar exchange rate opened at 1,373.7 won, reflecting a 6.1 won drop from the previous day’s close of 1,379.8 won. This marks a steady rebound for the Korean currency.

As developments surrounding the U.S.-EU tariff deal unfold and with the spotlight on ongoing earnings season announcements, both equity and forex markets are expected to remain volatile. Investors are closely monitoring these factors to gauge the trajectory of South Korea's financial markets.

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