Surpassing 2,140... Highest Since February 21
Samsung Electronics and SK Hynix Rise Over 5%
Foreign Buying Increases as Exchange Rate Stabilizes
[Asia Economy Reporter Minwoo Lee] As expectations for economic recovery improve, investment sentiment has strengthened, leading the KOSPI to rise more than 2% during the trading session.
As of 10:26 AM on the 3rd, the KOSPI recorded 2,143.64, up 2.70% (56.45 points) from the previous day. This is the highest level since February 21. After opening at 2,108.55, up 1.02% from the previous day, it rose more than 1% during the session. This means it has recovered to the level before the full spread of the novel coronavirus infection (COVID-19). The KOSDAQ also reached 750.14 early in the session, marking a 52-week high. It is currently showing 745.00, up 0.01% from the previous day.
Top market capitalization stocks are also rising. The 'blue-chip' Samsung Electronics recorded 54,400 won, up 5.8% from the previous day at the same time. SK Hynix (5.0%) and Hyundai Motor (4.3%) also rose.
The buying by foreigners and institutions was effective in today's upward trend. In the securities market, foreigners and institutions net purchased 120.7 billion won and 447.4 billion won, respectively. On the other hand, individuals net sold 554.1 billion won.
Researcher Kim Hoon-gil of Hana Financial Investment explained, "Despite the intensifying anti-racism protests, the New York stock market closed higher due to expectations for economic recovery, and oil prices rose as the Organization of the Petroleum Exporting Countries (OPEC) extended production cuts, improving investment sentiment. While recent rallies were led by individuals, this time the main reason seems to be the inflow of foreign investors, especially as the won-dollar exchange rate stabilized."
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