The KOSPI rose about 0.2% on foreign net buying. The ISM manufacturing PMI index

[Market price] Deepening the trend toward semiconductors [FICC Research Department Strategy/Market price: Lee Kyungmin/Kim Jungyoon]

- The KOSPI rose about 0.2% on foreign net buying. The ISM manufacturing PMI index exceeded expectations in March, lowering expectations for a rate cut, but the strength of U.S. semiconductor industries such as Micron and Broadcom is a positive factor. The Financial Services Commission held a meeting on accounting and dividend sectors to highlight expectations for the value industry. In particular, the insurance and securities sectors have turned upwards and are strong. On the other hand, weaknesses in Hyundai Motor (-3.7%) and Kia (-3.5%) due to sluggish export performance limit the KOSPI's rise

- Asian stocks are generally strong. China's March PMI index exceeded expectations and the Shanghai Composite Index (+1.2 percent) continues to rise as the economy enters an expansion phase. On the other hand, Indonesia's IDX Composite Index (1.2 percent) remains weak for four consecutive trading days

- The won/dollar exchange rate was trading at 1,354.7 won immediately after the opening, up 5.3 won from the previous day. The U.S. PMI exceeded expectations in March, reducing expectations for an early cut in interest rates and slowing sentiment for risky assets, strengthening the dollar

- Strong performance of electricity and electronics (+2.1%) in particular led the rise of Samsung Electronics (+3.3%) due to the surge in micron. Strong performance of HD Hyundai Electric (+4.1%) in response to increased demand for electricity contributed to the rise in stock prices. Strong performance of insurance (+1.4%) and securities (+0.6%) helped by net foreign purchases due to value-up momentum. Samsung Fire & Marine Insurance (+2.3%), DB Insurance (+3.3%), and NH Investment & Securities (+2.8%) led the rise in stock prices. On the other hand, stocks of finished car industries with sluggish export performance declined. Transportation equipment (-1.6%) weakened due to falling shares of Hyundai Motor (-3.9%) and Kia (-3.5%). Also weak electricity and gas (-2.1%) without momentum.

- KOSPI fell about -1.8 percent due to net selling of foreigners and institutions. Semiconductor (+1.0 percent) strengthened by industry. The warm-up of semiconductors following the new micron price led to a surge in semiconductor stocks such as Exicon (+25.6 percent), Tess (+19.4 percent), and Neosem (+12.4 percent). On the other hand, pharmaceutical (-4.1 percent) continues to weaken due to profit-taking. Samcheondang Pharmaceutical (-15.4 percent) and Binex (-10.8 percent) led the decline in stock prices. CJ ENM (-7.8%) turned weak due to the recent surge in stock prices

[Investment strategy of Daishin Securities / Telegram channel]