Despite KOSPI's Upward Start, It Fails to Gain Strong Momentum... Maintaining the 2350 Level

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[Asia Economy Reporter Geum Bo-ryeong] On the 23rd, the KOSPI opened on an upward trend but failed to gain much momentum and showed a sideways movement, yet it maintained the 2350 level.

At 9:18 a.m. that day, the KOSPI index recorded 2354.64, down 0.41 points (0.02%) from the previous session.

The KOSPI opened at 2364.84, up 9.79 points (0.42%) compared to the previous trading day, but it failed to sustain the bullish momentum and extended its decline.

In the KOSPI market, individual investors net bought 49.9 billion KRW, while foreigners and institutions net sold 38.4 billion KRW and 14.9 billion KRW, respectively.

By sector, textiles and apparel (1.13%) and transportation and warehousing (1.09%) rose, while non-metallic minerals (0.87%) and electric and gas utilities (1.12%) declined.

Among the top 10 companies by market capitalization, those showing gains included Hyundai Motor (1.23%), Celltrion (0.84%), and LG Household & Health Care (0.32%). SK Hynix (0.36%), NAVER (0.85%), Samsung Biologics (2.58%), and Kakao (1.15%) fell.

At the same time, the KOSDAQ index was 810.66, down 2.04 points (0.25%) from the previous session.

The KOSDAQ also opened at 817.70, up 5.00 points (0.62%) compared to the previous trading day, but reversed to a decline after 9:15 a.m.

In the KOSDAQ market, individual investors net bought 23.4 billion KRW, while foreigners and institutions net sold 5.7 billion KRW and 18.3 billion KRW, respectively.

By sector, information devices (0.68%) and computer services (0.33%) rose, while internet (0.72%) and semiconductors (0.84%) declined.

Among the top companies by market capitalization, Alteogen (2.18%), Celltrion Pharm (0.2%), Genexine (2.05%), and Hugel (2.27%) rose, while Celltrion Healthcare (0.12%), Seegene (0.22%), HLB (1.58%), and Kakao Games (0.97%) fell.

Kiwoom Securities researcher Seo Sang-young said, "It is necessary to pay attention to the results of the final U.S. presidential debate starting at 10 a.m. Korean time. President Donald Trump is still trailing Joe Biden by 8% in approval ratings and 28% in election probability, so he may say something that could shake up the election." He added, "If the gap between the two candidates narrows after the debate, political uncertainty such as Trump's refusal to concede after next month's election could spread, increasing the possibility of volatility in the financial markets."