KOSPI Surges 4.61% Nearing 7,000 on Strong Semiconductor Rally

Semiconductor Demand Outweighs Macro Pressures

The market advance defied strong macroeconomic headwinds, including robust U.S. employment data and rising international oil prices that initially signaled persistent inflationary pressures. According to market data, foreign investors and institutional funds heavily poured capital into domestic chipmakers, net-buying 2조5870억원 and 2조6327억원 respectively. Meanwhile, retail investors offloaded 6조8212억원 to lock in profits.

The artificial intelligence sector acted as the primary catalyst for the buying surge. OpenAI’s public release of its new model, GPT-6 Astra, and Nvidia’s acquisition of Hugging Face revived expectations for accelerated infrastructure spending and memory chip demand.

Foreign Exchange Movements and Global Economic Indicators

In the Seoul foreign exchange market, the dollar-won exchange rate dropped 9.9 won to close at 1,340.5 won. The rate briefly dipped into the 1,330-won range during the session before paring losses, influenced by the National Pension Service halting its currency hedging operations, which brought fresh dollar-buying orders into the market.

External geopolitical and economic pressures remained visible. U.S. Labor Department figures showed nonfarm payrolls grew by 16만2000명 in August, eclipsing the 5만5000명 consensus estimate and keeping the unemployment rate at 4.1%. This stronger-than-expected labor growth reinforced market expectations that the U.S. Federal Reserve might maintain tighter monetary policy. Concurrently, Middle East tensions—highlighted by a U.S. military strike on a tanker off Kharg Island and remarks from U.S. President Donald Trump regarding potential actions against Iranian nuclear facilities—pushed West Texas Intermediate and Brent crude futures to approximately $92 and $97 per barrel.

Market Outlook and Upcoming Economic Data

Market attention now shifts toward the upcoming release of the U.S. August Consumer Price Index (CPI) and Oracle’s corporate earnings report. Investors are assessing whether robust AI capital expenditures will translate swiftly into actual revenue and cash flow, which analysts view as vital for sustaining the semiconductor momentum.

According to Kiwoom Securities researcher Han Ji-young, the stronger-than-expected August employment report failed to trigger a sharp spike in U.S. 10-year Treasury yields, and U.S. equities demonstrated downside resilience in semiconductor shares. Han noted that selling pressure on domestic and international chip stocks appears to be exhausting itself, establishing a baseline scenario where market recovery momentum could strengthen as investors process the upcoming CPI figures and Oracle earnings.