KOSPI at 6,948 — the Big Caps Rewrote Today's Script

Right now the KOSPI sits at 6,948.38, up +3.91%, and the momentum hasn't cooled heading into the final stretch. Compared to my last check-in at 12:10, the KOSPI climbed another +0.73%p while the KOSDAQ slipped -0.67%p — money is clearly rotating toward the big caps today. Mirae Asset cut its profit estimates for Samsung Electronics and SK Hynix but raised its price targets anyway, pointing to a lower won-dollar assumption (from 1,553 to 1,400) with HBM growth offsetting the currency hit — and sure enough, the won-dollar rate itself slid to 1,355.41 (-0.22%) today, while foreigners and institutions net-bought ₩479.6B and ₩1.6694T on the KOSPI respectively. Overnight in the US (9/4), the S&P and Nasdaq both eked out small losses, so today's KOSPI is running on its own script — chips and currency, not Wall Street's lead — and into the close I'm watching whether this large-cap rally spills any warmth over to the KOSDAQ.