KOSPI Starts Slightly Higher... Fluctuating Around Early 2360s

Rising Start Due to Foreign and Institutional Buying, Then Stabilizing
KOSDAQ Also Lackluster... Early Session Saw a Shift to Decline

[Image source=Yonhap News]

[Asia Economy Reporter Minwoo Lee] The KOSPI opened slightly higher as foreign investors and institutions showed strong buying momentum.

On the 16th, the KOSPI started at 2363.88, up 0.11% (2.67 points) from the previous day. It has since fluctuated, remaining in the low 2360s range. As of 9:17 AM, it recorded 2363.15, up 0.08% from the previous close.

Foreign investors and institutions were strong buyers, net purchasing 14.2 billion KRW and 6.6 billion KRW respectively. In contrast, individual investors net sold 6.2 billion KRW.

Most sectors showed gains. The healthcare and precision instruments sector had the largest increase at 2.01%. This was followed by transportation and warehousing (1.20%), machinery (1.08%), and paper and wood products (0.94%). Only construction and transportation equipment sectors fell, down 0.08% and 0.24% respectively.

Among the top 10 market capitalization stocks, many declined. Samsung Biologics had the largest drop at 1.1%. This was followed by LG Household & Health Care (-0.6%), Samsung SDI and Kakao (each -0.5%), and LG Chem (-0.4%). On the other hand, Celltrion (0.9%), Samsung Electronics and NAVER (0.5%), and SK Hynix (0.3%) rose.

The KOSDAQ also struggled to maintain its upward momentum. After opening at 845.63, up 0.14% (0.82 points) from the previous day, its gains narrowed. As of 9:17 AM, it fell to 844.41 compared to the previous trading day.

Foreign buying appeared to support the index. Foreign investors net purchased 22 billion KRW, while individuals and institutions net sold 8.4 billion KRW and 8.9 billion KRW respectively.

Almost all sectors rose as well. The non-metal sector stood out with a 2.62% increase. This was followed by general electrical and electronics (1.00%), IT components (0.90%), and other services (0.88%). Transportation (-1.06%), publishing and media reproduction (-0.83%), and machinery and equipment (-0.04%) declined.

Most of the top market cap stocks showed gains. EcoPro BM rose the most at 2.6%, followed by Alteogen (1.4%), Genexine (1.1%), and Kakao Games (0.7%). Only HL Biotech fell by 0.1%. Celltrion Pharm recorded no change.