KOSPI Hits All-Time High of 6690 — Institutional Buying and Samsung Lead Rally Despite OpenAI Headwinds
The KOSPI closed at a record 6690.90 on the 29th. Despite headwinds from OpenAI's missed targets and net foreign selling, institutional net buying of $323M and Samsung Electronics' strength drove the index higher. WTI topping $100/barrel sparked a sharp rally in chemicals and wire stocks.
- KOSPI hit an all-time high of 6690.90, driven by $323M in institutional net buying and Samsung Electronics' strength
- WTI topping $100/barrel sparked sharp rallies in chemicals and wire stocks
The KOSPI closed at an all-time high of 6690.90 on the 29th. Despite headwinds from OpenAI's missed targets, institutional buying and Samsung Electronics' strength drove the index higher, while WTI topping $100/barrel fueled sharp gains in chemicals and wire stocks.
The KOSPI closed at 6690.90 on the 29th, up 49.88 points (0.75%) from the previous session, setting a new all-time closing high. The index touched an intraday record of 6702.38 during the session. Total trading value came in at $21.1B.
Overnight in the U.S., sentiment toward AI investments weakened after reports surfaced that OpenAI had missed its revenue and new-user targets. The Philadelphia Semiconductor Index fell 3.6%, and major chipmakers including Micron and SanDisk also declined. Domestically, however, Samsung Electronics extended its gains on the back of net foreign buying, providing the key upside driver for the index.
Institutions Net Buy $323M — Foreigners Net Sell $411M
On the flow side, institutions were the key market stabilizer, posting net purchases of $323M. Foreign investors net sold $411M, while retail investors net bought $113M.
Large-cap stocks posted a mixed performance. Gainers included Samsung Electronics (+1.80%), Samsung Electronics preferred (+2.19%), HD Hyundai Heavy Industries (+3.45%), Hanwha Aerospace (+1.79%), SK Square (+2.34%), and Doosan Enerbility (+1.10%). SK Hynix (-0.54%) and Samsung Biologics (-2.06%) declined.
UAE Exits OPEC, Iran Blockade Persists — Chemicals, Refiners, and Wire Stocks Surge
Energy was the other major market driver of the day. With WTI futures hovering around $100/barrel, the UAE's announcement of its OPEC withdrawal introduced expectations of expanded crude supply. However, President Trump's directive to extend the Iran blockade brought geopolitical uncertainty back into focus. Chemical and refining stocks rallied broadly on expectations of sustained oil price upside.
Wire-related stocks also posted strong gains, buoyed by favorable news including North American data center supply contracts. The top-performing sectors for the session were as follows.
- Electrical Equipment +3.93%
- Electrical Products +2.20%
- Aerospace & Defense +2.14%
- Shipbuilding +1.84%
- Conglomerates +1.28%
Among the top KRX gainers were newly listed KOSDAQ stock Chaebi (+83.33%), Seondo Electric (+30.00%), Jeil Electric (+30.00%), and Daewon Cable (+29.99%). The biggest decliners included Sunshine Food (-14.91%) and LB Semicon (-14.86%), with steel and materials names dominating the losers list.
KOSDAQ at 1220 — USD/KRW Closes at 1479
The KOSDAQ closed at 1220.26, up 4.68 points (0.39%) from the prior session. Total trading value reached $10.6B. Retail investors net bought $96M, while foreign investors and institutions net sold $13M and $56M, respectively.
In the Seoul foreign exchange market, the USD/KRW rate closed at 1479.0, up 5.4 won from the previous session.
Samsung Electronics continued to show resilient price action despite concerns stemming from OpenAI, keeping the KOSPI's uptrend intact. As geopolitical uncertainty came back into the spotlight, sector-level divergence became increasingly pronounced.
Lee Kyung-min, Analyst, Daeshin Securities
Frequently Asked Questions
Why did the KOSPI hit a record high of 6690?
Institutions net bought $323M, providing key index support, while Samsung Electronics surged on foreign net buying. Domestic market flows remained resilient even as U.S. equities were rattled by OpenAI's missed targets.
What was the investor flow breakdown for the KOSPI today?
Institutions net bought $323M, foreign investors net sold $411M, and retail investors net bought $113M. Institutional-led buying was the primary driver supporting the index.
What drove the sharp rally in chemicals and wire stocks?
WTI futures hit around $100/barrel and the UAE announced its withdrawal from OPEC, raising expectations of sustained oil price upside and benefiting chemicals and refining stocks. Wire stocks also surged on the back of North American data center supply contract news.
Where did the KOSDAQ and USD/KRW rate close?
The KOSDAQ closed at 1220.26, up 4.68 points (0.39%). The USD/KRW rate rose 5.4 won to close at 1479.0, reflecting continued won weakness.
How are analysts interpreting today's rally?
Daeshin Securities analyst Lee Kyung-min noted that Samsung Electronics' resilient performance kept the KOSPI's uptrend intact despite OpenAI-related concerns, adding that heightened geopolitical uncertainty drove increasingly pronounced sector-level divergence.
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