KOSPI Surpasses 2200 Level Amid Positive Momentum in US Stock Markets

[Asia Economy Reporter Minji Lee] The KOSPI opened above the 2200 mark, driven by individual investors' buying momentum. This is interpreted as being influenced by the rise in the US New York stock market, supported by improved economic indicators and a surge in the Chinese stock market.

[Image source=Yonhap News]

At 9:10 AM on the 7th, the KOSPI started the session at 2199.98, up 0.55% (12.05 points) from the previous close. On the day, the KOSPI opened at 2202.04, up 0.64% (14.11 points) from the previous close. In the securities market, individual investors bought stocks worth 91.2 billion KRW alone, while foreigners and institutions sold stocks worth 31.3 billion KRW and 71 billion KRW, respectively.

Among the top market capitalization stocks, Samsung Electronics traded at 55,100 KRW, up 0.18% from the previous close. On this day, Samsung Electronics recorded 8.1 trillion KRW, far exceeding the securities industry's expectation of 6.5 trillion KRW despite the impact of COVID-19.

Other stocks that rose included SK Hynix (0.70%), LG Chem (2.75%), Naver (1.07%), Samsung SDI (2.58%), and Hyundai Motor (0.99%). Kakao rose nearly 3% to 310,000 KRW, hitting a 52-week high, and SK Biopharm traded at 253,000 KRW, up 18.18% from the previous close.

Seo Sang-young, a researcher at Kiwoom Securities, explained, "The US stock market's turnaround to an upward trend due to improved indicators and the strength of FAANG companies is positive for investor sentiment," adding, "The surge in Amazon and Tesla is expected to influence related stocks."

At the same time, the KOSDAQ index started the session at 763.03, up 0.41% (3.12 points) from the previous close. On the day, the KOSDAQ opened at 763.40, up 0.46% (3.50 points) from the previous close. In the KOSDAQ market, individuals and institutions bought stocks worth 45 billion KRW and 1.2 billion KRW, respectively, while foreigners sold stocks worth 47.2 billion KRW alone.

Among the top market capitalization stocks in the KOSDAQ market, Alteogen (0.29%), EcoPro BM (2.99%), Pearl Abyss (1.30%), Studio Dragon (1%), KMW (2.55%), and CJ ENM (0.52%) also rose.