KOSPI Starts Higher at 2037.04 on Buying by Individuals and Foreigners

[Asia Economy Reporter Minji Lee] The KOSPI is on the rise due to buying pressure from individuals and foreigners.

At 9:05 AM on the 1st, the KOSPI stood at 2043.64, up 0.69% (14.04 points) from the previous session. The index opened higher at 2037.04, up 0.37% (7.44 points) from the previous session. On the Korea Exchange, foreigners and individuals bought stocks worth 5.1 billion KRW and 55.3 billion KRW respectively. Institutions were the sole sellers, offloading stocks worth 61.5 billion KRW.

By sector, non-metallic minerals (2.62%), securities (2.49%), banking (1.66%), and services (1.19%) rose. Most of the top market capitalization stocks showed gains. Samsung Electronics traded at 50,800 KRW, up 0.2% from the previous session. SK Hynix (0.98%), Samsung Biologics (0.32%), Naver (3.32%), LG Chem (0.64%), and Samsung SDI (1.25%) also rose.

Seosangyoung, a researcher at Kiwoom Securities, said, “Considering President Trump's statement that there will be no cancellation of trade negotiations and the economic policy direction for the second half of the year, the market is expected to show an upward trend. Although profit-taking is occurring in untact-related companies that recently led the index rise, there is a tendency for counter-buying in sectors such as finance, retail, and aviation.”

The KOSDAQ index stood at 719.68, up 0.82% (5.87 points) from the previous session. On the KOSDAQ market, foreigners and institutions sold stocks worth 5.8 billion KRW and 20.4 billion KRW respectively. Individuals were the sole buyers, purchasing stocks worth 27.7 billion KRW.

By sector, transportation equipment & parts (2.15%), computer services (1.31%), machinery & equipment (1.53%), and internet (1.18%) showed gains. Among the top KOSDAQ stocks, HLB (2.13%), Alteogen (3.56%), Seegene (2.05%), KMW (1.37%), and Studio Dragon (0.39%) were on the rise.