KOSDAQ Hesitates... Slight Decline Compared to Previous Day
[Asia Economy Reporter Minwoo Lee] The KOSPI index surged more than 3% intraday, driven by combined buying from foreigners and institutions.
As of 1:59 PM on the 3rd, the KOSPI index stood at 2150.98, up 3.06% (63.79 points) from the previous day. This is the highest level since February 21. After opening at 2108.55, up 1.02% from the previous day, the gains steadily increased. This marks a recovery to the level before the full-scale spread of COVID-19.
Foreigners and institutions showed notable combined buying momentum. In the KOSPI market, foreigners and institutions net purchased 174.5 billion KRW and 952.5 billion KRW respectively. Meanwhile, individuals net sold 1.0971 trillion KRW.
Large-cap stocks led the upward trend. The 'blue-chip' Samsung Electronics recorded 54,900 KRW, up 6.8% from the previous day at the same time. SK Hynix (6.3%) and Hyundai Motor (6.8%) also rose.
The KOSDAQ reached a 52-week high of 750.14 early in the session but then fell to 741.64, down 0.24% from the previous day.
Hana Financial Investment analyst Hoonkil Kim explained, "Despite the intensifying anti-racism protests, the New York stock market closed higher on expectations of economic recovery, and oil prices also rose, improving investor sentiment. While recent rallies were led by individuals, this time, especially with the stabilization of the won-dollar exchange rate, foreign investors' inflows played a crucial role."
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