▲ The closing prices of the KOSPI and the won-dollar exchange rate are displayed on an electronic board in the dealing room of Hana Bank in Jung-gu, Seoul, on the 21st. The KOSPI closed up 60.37 points (0.88%) from the previous trading day at 6,912.95. (Photo: Yonhap News)
The KOSPI inched up to recover the 6,900 threshold today (the 21st), buoyed by expectations of massive shareholder returns from Samsung Electronics, despite pressures from rising U.S. Treasury yields.
According to the Korea Exchange, the KOSPI finished the session up 60.37 points (0.88%) at 6,912.95 compared to the previous trading day.
The index opened down 92.63 points (1.35%) at 6,759.95, fluctuated, and then turned upward during the morning session, briefly reaching as high as 6,954.12.
On the main bourse, retail and foreign investors net sold 1.1662 trillion won and 170.7 billion won, respectively, while institutional investors net bought 248.7 billion won, driving the index to a strong finish.
However, foreign investors maintained a net buying advantage of 317 billion won in the KOSPI 200 futures market.
The won-dollar exchange rate stood at 1,386.5 won, down 6.1 won in the Seoul foreign exchange market as of 3:30 p.m.
The KOSPI finished higher as buying flowed mainly into large-cap semiconductor stocks on expectations of Samsung Electronics' shareholder returns, overcoming the burden of rebounding U.S. Treasury yields.
This follows SK Hynix's announcement of a 40 trillion won treasury stock acquisition and cancellation plan, sparking expectations that if Samsung Electronics implements shareholder returns far exceeding that scale, it would serve as a catalyst for a revaluation of semiconductor companies.
Securities analysts projected that Samsung Electronics could hold a board of directors meeting as early as today or next week to unveil shareholder return plans, including special dividends.
The core of Samsung Electronics' current three-year (2024–2026) shareholder return policy is to return 50 percent of its free cash flow (FCF). With this year marking the final year of the current policy, a large-scale return is anticipated.
Some estimates suggested the scale could exceed 100 trillion won, which would be the largest ever in South Korea.
Lee Kyung-min, an analyst at Daishin Securities, noted, "Expanding shareholder return momentum acted as upward pressure on Samsung Electronics and its affiliates, leading the index gains."
Among top market-cap stocks, Samsung Electronics (3.87%) and SK Hynix (2.31%) advanced, alongside Samsung Life Insurance (10.61%) and Samsung C&T (5.75%).
Conversely, Samsung Electro-Mechanics (-5.73%), Hyundai Motor (-0.60%), and LG Energy Solution (-4.05%) declined.
By sector, insurance (6.55%), communications (3.38%), and distribution (2.72%) posted gains, while medical and precision instruments (-5.42%), construction (-5.36%), and metals (-4.05%) suffered losses.
In the KOSPI market, 193 stocks advanced, 683 declined, and 28 remained unchanged.
The KDAQ index closed down 38.95 points (4.63%) at 801.94 compared to the previous trading day.
The index opened down 16.84 points (2.00%) at 824.05, widened its losses, and temporarily dropped to 795.57, falling below the 800 mark.
Due to the sharp index plunge, a sell sidecar was triggered in the KDAQ market during the morning session.
This was interpreted as discount rate pressures weighing down the share prices of listed companies in the KDAQ market, which has a high concentration of growth stocks, as U.S. Treasury yields rose again.
The yield on 10-year U.S. Treasury bonds, a global benchmark for interest rates, rebounded to the 4.7% range despite the U.S. Treasury Department's temporary increase in its long-term bond buyback limit.
In the KDAQ market, retail investors net bought 623.4 billion won, whereas foreign and institutional investors net sold 287.4 billion won and 346.4 billion won, respectively.
Among the top 20 stocks by market capitalization, nearly all declined—including Alteogen (-5.74%), EcoPro (-7.26%), and EcoPro BM (-7.45%)—with the exception of Silicon Two (3.70%).
In the KDAQ market, 282 stocks advanced, 1,378 declined, and 63 remained unchanged.
Trading values on the main bourse and the KDAQ market were tallied at 28.776 trillion won and 5.418 trillion won, respectively.
The total trading value for the pre-market and main market of the alternative trading system Nextrade reached 15.8155 trillion won.
(Photo: Yonhap News)
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