Foreign Buying Drives KOSPI to Close Up at 2391.96

[Asia Economy Reporter Minji Lee] The KOSPI closed higher due to foreign buying pressure.

On the 8th, the KOSPI ended the session at 2391.96, up 0.21% (5.02 points) from the previous session. The index opened at 2408.49, up 0.90% (21.55 points) from the previous session, but the rise narrowed as institutional investors turned to selling.

[Image source=Yonhap News]

By investor type, foreigners were the sole buyers in the market, purchasing stocks worth 756.1 billion KRW, while individuals and institutions sold stocks worth 168.1 billion KRW and 611.5 billion KRW respectively.

Among the top market capitalization stocks, LG Chem (1.76%), Celltrion (0.58%), and Samsung SDI (1.25%) rose. Samsung Electronics, which posted surprising earnings, closed at 59,700 KRW, down 0.33% from the previous session, while SK Hynix (-0.60%) and Hyundai Motor (-1.37%) also declined.

At the same time, the KOSDAQ index closed at 871.62, up 0.23% (1.96 points) from the previous session. The index opened at 875.12, up 0.63% (5.46 points) from the previous session. By investor type, foreigners and institutions sold stocks worth 2.9 billion KRW and 87.6 billion KRW respectively, while individuals bought stocks worth 111.3 billion KRW.

Among the top market capitalization stocks, Celltrion (0.44%), Seegene (5.58%), Celltrion Pharm (0.53%), and EcoPro BM (0.82%) rose.

Researcher Kyungmin Lee of Daishin Securities explained, "Despite net buying by individuals, the KOSDAQ index fluctuated around the 870 level due to selling pressure from foreigners and institutions. By sector, the pharmaceutical and bio sector showed strength, led by SK Chemicals, following news from the U.S. about AstraZeneca resuming clinical trials for its COVID-19 vaccine. Renewable energy-related stocks such as Hanwha Solutions and OCI also drove sector gains."