KOSPI Starts with Over 1% Rise on Foreign Buying Momentum

[Image source=Yonhap News]

[Asia Economy Reporter Ji-hwan Park] On the 3rd, the KOSPI opened sharply higher, supported by foreign buyers.

The KOSPI opened at 2,192.58, up 17.41 points (0.80%) from the previous trading day, and showed a surge of over 1% in the early session, driven by foreign buying.

As of 9:25 a.m., it was trading at 2,199.46, up 24.29 points (1.12%) from the previous day.

Overnight, major indices on the New York Stock Exchange hit record highs amid positive news including the imminent signing of the US-China Phase One trade agreement and China's announcement of a reserve requirement ratio cut. On the 2nd (US time) at the NYSE, the Dow Jones Industrial Average closed at 28,868.80, up 330.36 points (1.16%) from the previous day.

The Standard & Poor's (S&P) 500 index closed at 3,257.85, up 27.07 points (0.84%), and the tech-heavy Nasdaq index ended at 9,092.19, up 119.58 points (1.33%).

Looking at trading trends by participant, foreigners are net buyers with 49.4 billion KRW, lifting the index. Individuals and institutions were net sellers with 16.9 billion KRW and 30.4 billion KRW, respectively.

By sector, food and beverages, construction, telecommunications, banking, and insurance are rising, while paper & wood and medical precision sectors are falling.

Most of the top market capitalization stocks are showing gains. Samsung Electronics, SK Hynix, NAVER, and Samsung Biologics are rising. Currently, in the KOSPI market, 480 stocks are up without any hitting the upper limit, 303 stocks are down including one hitting the lower limit, and 110 stocks are unchanged.

The KOSDAQ index is also rising on foreign buying. It opened at 677.96, up 3.94 points (0.58%) from the previous day, and as of 9:38 a.m., it was trading at 675.81, up 1.79 points (0.27%).

Regarding supply and demand, individuals and institutions are net sellers with 19.3 billion KRW and 32.6 billion KRW, respectively, while foreigners are net buyers with 53.6 billion KRW.

By sector, telecommunications and broadcasting services, IT, and entertainment & culture are rising, while metals and general electrical & electronics are falling.

Most of the top market capitalization stocks in the KOSDAQ market are also showing gains. Celltrion Healthcare, SK Materials, Hugel, and SFA are rising, while HLB is falling. Currently, in the KOSDAQ market, 643 stocks are up including one hitting the upper limit, 532 stocks are down without any hitting the lower limit, and 153 stocks are unchanged.