The KOSPI and KOSDAQ indices are displayed on a monitor at the Hana Bank dealing room in Jung-gu, Seoul on the 28th. The KOSPI opened at 5,145.39, up 60.54 points (1.19%) from the previous trading day, and the KOSDAQ opened at 1,093.47, up 10.88 points (1.00%). 2026.1.28. [Photo=Yonhap News]

The domestic stock market reacted significantly to a single remark from U.S. President Donald Trump. 

On the 28th, the KOSPI surpassed the 5,100 mark for the first time in its history during trading hours, and the KOSDAQ also exceeded 1,100 points. 

When President Trump, who had mentioned the possibility of raising tariffs on Korean products the previous day, stated, "We will come up with a solution," the market interpreted this as a conciliatory signal.

However, despite the surge in the indices, there is still no basis to believe that the tariff risk itself has been resolved. 

No policy decisions, agreement documents, or institutional procedures have been confirmed. Nevertheless, the market quickly entered a phase of relief based solely on the 'room for interpretation' in the remarks.

The nature of the day's gains is also clearly evident in the supply and demand structure. 

In the stock market, individual investors led the index rise by net buying over 300 billion won, while foreign and institutional investors engaged in simultaneous net selling. 

Foreign investors also showed a selling advantage in the futures market. 

This is a typical 'individual-led rally'. 

While purchases reflecting expectations flowed in, funds assessing risks engaged in profit-taking. 

The movements of symbolic stocks are also aligned with this trend. 

Samsung Electronics surpassed the 160,000 won mark for the first time in its history, and SK Hynix settled in the 800,000 won range. This is a result of the combined expectations for the overall semiconductor sector and the strong performance of global tech stocks. 

However, this too is closer to a reflection of the expectation that uncertainty 'can be postponed for now,' rather than a definitive change in tariff policy.

The currency movements are also in the same vein. 

The won-dollar exchange rate fell by more than 15 won in a single day, reflecting a preference for risk assets. 

However, it is difficult to consider the exchange rate stabilization as structurally secured. Key variables such as the tariff issue, ratification status, domestic political schedule, and negotiation methods still remain.

The problem is that the responsible entity has become blurred in this process. 

President Trump's remarks are merely political statements, not policy decisions. Nevertheless, the domestic market reacted as if the tariff risk had been resolved.

There is no explanation of what kind of negotiations the Korean government is pursuing, or what the parliamentary ratification or institutional procedures will be. 

The market's expectations have outpaced the reality, with a policy vacuum remaining.

The rise today is a reaction to the 'expectation of potential resolution,' not a 'resolved outcome.' 

Such market conditions can be reversed at any time depending on a single remark or interpretation. 

In fact, if the tariff increase is re-concretized or conflicts emerge during negotiations, the market is highly likely to reverse its direction at the same speed.

Although the indices have risen, the uncertainty has not decreased. 

Rather, the market structure's excessive reaction to political statements has been confirmed. 

It was words, not policies, that moved the market, and responsible explanations remain in a vacuum.