KOSPI Opens Slightly Higher on Foreign Buying Pressure

KOSDAQ Turns Down... Falls Nearly 1%

On the 11th, employees are working in the dealing room at the Myeongdong Hana Bank headquarters in Jung-gu, Seoul. [Image source=Yonhap News]

[Asia Economy Reporter Minwoo Lee] The KOSPI opened slightly higher, supported by foreign buying demand.

On the 11th, the KOSPI opened at 2,459.50, up 0.59% (6.67 points) from the previous day. As of 9:23 a.m., it recorded 2,465.09, slightly giving up some of the gains.

Foreign buying appears to have driven the index's rise. Foreigners were net buyers of 82.7 billion KRW. Meanwhile, individuals and institutions were net sellers of 51.6 billion KRW and 36.6 billion KRW, respectively.

Many sectors rose. The transportation equipment sector had the largest gain at 2.44%. This was followed by insurance (2.21%), transportation and warehousing (1.68%), banking (1.56%), electricity and gas (1.47%), and finance (1.47%). On the other hand, food and beverages (-0.96%), paper and wood (-0.82%), and medical precision (-0.78%) declined.

The top 10 market capitalization stocks showed mixed movements. Hyundai Motor had the largest increase at 2.5%. This was followed by LG Chem (1.1%), Celltrion (1.0%), Samsung Electronics (0.8%), and SK Hynix (0.1%). Meanwhile, Kakao (-1.2%), NAVER (-1.0%), Samsung SDI (-0.9%), and Samsung Biologics (-0.5%) fell. LG Household & Health Care remained flat.

On the same day, the KOSDAQ opened at 840.89, up 0.01% (0.1 points) from the previous day, but then turned downward. As of 9:23 a.m., it was down 0.97% from the previous day at 832.23.

Foreign and institutional selling appears to have led the index's decline. Foreigners and institutions were net sellers of 25.1 billion KRW and 6.8 billion KRW, respectively. Meanwhile, individuals were net buyers of 32.3 billion KRW.

Almost all sectors declined. The technology growth companies sector had the largest drop at -2.79%. This was followed by other services (-2.35%) and non-metallic minerals (-2.24%). Only food and tobacco (0.96%) and internet (0.09%) sectors rose.

Among the top 10 market capitalization stocks, declines were dominant. Seegene had the largest drop at -4.5%. This was followed by Alteogen (-3.3%), Kakao Games (-2.1%), and EcoPro BM (-1.9%). Meanwhile, Hugel (1.7%), Celltrion Pharm (1.6%), KMW (0.7%), and Celltrion Healthcare (0.3%) rose.