Kospi Holds 6,600 Level as Samsung, SK Hynix Rebound; SoftBank, Kioxia Drop Over 3%

TradingKey - Modest gains in Samsung Electronics and SK Hynix support the KOSPI above 6,600, while SoftBank and Kioxia fall over 3%, dragging the Nikkei lower.

On September 16, Asian time, Japanese and South Korean stock markets diverged at the open, with Japanese stocks opening higher and fluctuating, while South Korean equities opened lower under pressure. Among them, South Korea's KOSPI Index opened lower but moved higher, edging up 0.14% to trade at 6,636.42 points; core tech chip stocks rebounded slightly, with Samsung Electronics rising 0.2% to 249,000 won, and SK Hynix opening up 0.89% to reclaim the 1.7 million mark, trading at 1,705,000 won.

KOSPI Index chart, Source: TradingView

The Nikkei 225 Index opened higher but moved lower, dropping 0.2% to 63,268.72 points; two major heavyweights opened significantly lower and trended down, with SoftBank shares falling 3.5% back toward the 6,000 mark to trade at 6,059 yen, and Kioxia falling 3.03% to approach the 50,000 mark, trading at 50,180 yen.

Persistent tensions in the Middle East kept crude oil prices running at high levels. As an economy heavily reliant on energy imports, South Korea saw its trade surplus expectations squeezed; meanwhile, the Korean won remained at a relatively low level near 1,360 won against the US dollar, restricting the return of international capital liquidity. The Japanese yen slipped slightly against the US dollar, providing defensive room for the earnings of major Japanese exporters, mitigating the sell-off impact on the broader market, and supporting a higher open for the Nikkei 225 Index.