KOSPI Up 1% and KOSDAQ Up 2%, Defying Expected Weakness from 'Profit-Taking' Before Chuseok

[Asia Economy Reporter Oh Ju-yeon] Contrary to expectations that the domestic stock market might show weakness due to profit-taking ahead of the Chuseok holiday, the KOSPI rose more than 1%, recovering the 2300 level, while the KOSDAQ showed strong gains, rising nearly 3%. As medium- to long-term forecasts continue to suggest that the market will resume its upward trend after a correction, it is interpreted that bargain hunting is flowing in.

According to the Korea Exchange on the 28th, as of 11:13 a.m., the KOSPI recorded 2308.84, up 1.32% from the previous trading day, recovering the 2300 level. Foreigners and institutions bought stocks worth 13.8 billion KRW and 8.1 billion KRW respectively, while individuals sold stocks worth 22.5 billion KRW.

Among the top market capitalization stocks, Samsung Electronics (0.69%), NAVER (1.53%), and Samsung Biologics (2.22%) rose, while SK Hynix (-0.84%) and LG Chem (-0.16%) declined.

The KOSDAQ index rose 2.83% from the previous trading day to 831.14.

Foreign buying was also prominent in the KOSDAQ market. While individuals and institutions sold stocks worth 16.5 billion KRW and 37.5 billion KRW respectively, foreigners net bought stocks worth 57.1 billion KRW.

All of the top 10 market capitalization stocks showed gains, with Celltrion Healthcare (1.71%), Seegene (2.83%), HL Biopharma (2.95%), and Celltrion Pharm (10.36%) showing strong performance.