KOSPI Breaks 2,500 Level for the First Time in 2 Years and 6 Months... KOSDAQ Also Rises

Samsung Electronics Surges Over 3%, Breaks Through 65,000 Won Level

[Asia Economy Reporter Minji Lee] The KOSPI surpassed the 2500 mark as foreign buying momentum increased. At 9:20 a.m. on the 16th, the KOSPI was trading at 2523.44, up 1.19% (29.57 points) from the previous session.

[Image source=Yonhap News]

On this day, the index started at 2507.46, up 0.54% (13.59 points) from the previous session, and continued to widen its gains. The KOSPI crossing the 2500 mark is the first time in about 2 years and 6 months since May 3, 2018 (intraday high of 2507.91).

In the KOSPI market, foreigners and individuals showed net buying. Foreigners bought stocks worth 54.6 billion KRW, and individuals bought stocks worth 16.6 billion KRW. Institutions sold stocks worth 70.3 billion KRW.

Samsung Electronics, a top market cap stock, traded at 65,200 KRW, up 3.12% from the previous session. On this day, Samsung Electronics reached an intraday high of 65,300 KRW, marking an all-time high. Other stocks such as SK Hynix (3.23%), Hyundai Motor (1.13%), Samsung C&T (2.94%), and Hyundai Mobis (0.21%) also maintained upward trends.

With the possibility of a big deal between Korean Air and Asiana Airlines being raised, related stocks such as Kumho Industrial Preferred (29.74%) and Kumho Industrial (25.28%) showed significant gains. Asiana IDT (20.42%) and Asiana Airlines (14.57%) also surged sharply.

At the same time, the KOSDAQ index also maintained its upward trend. Currently, the KOSDAQ index is at 843.08, up 0.47% (3.94 points) from the previous session. The index started the day at 843.49, up 0.52% (4.35 points) from the previous session.

In the KOSDAQ market, foreigners and institutions bought stocks worth 6.9 billion KRW and 4.6 billion KRW respectively. Individuals alone sold stocks worth 7.2 billion KRW. Celltrion Healthcare, a top market cap stock, traded at 94,000 KRW, up 0.21% from the previous session. Seegene (1.42%), HL Biopharma (0.54%), and Kakao Games (0.21%) also rose.

Seonghoon Seo, a researcher at Samsung Securities, said, “Concerns about COVID-19 and expectations for vaccines are mixed, so the stock market will see a rotation between cyclical stocks and tech stocks,” adding, “Considering economic indicators and various policy supports, the index’s decline will be limited during the rotation process.”