[Asia Economy Reporter Oh Ju-yeon] The KOSPI has surpassed 2600. Having stayed around the 2280 level at the beginning of this month, the KOSPI rose nearly 300 points throughout November, marking a 14% vertical increase, and continued its momentum to reach the 2600 level.
According to the Korea Exchange on the 23rd, the KOSPI exceeded 2602 during intraday trading, setting a new record high. This is the first time in 2 years and 10 months that the KOSPI has surpassed 2600 during intraday trading since it recorded 2607.10 on January 29, 2018.
As of 11:53 AM on the same day, the KOSPI stood at 2603.90, up 1.97% from the previous trading day. This is the intraday peak.
The all-time highest KOSPI level is 2607.10 intraday on January 29, 2018, and the closing high is 2598.19 on the same day. If the market closes above 2600 on this day, the KOSPI will set a new all-time closing high.
With the KOSPI surpassing 2600, all of the top 15 companies by market capitalization also rose.
Samsung Electronics traded at 67,000 KRW, up 3.55% from the previous day, and SK Hynix recovered to the 100,000 KRW level, trading at 100,500 KRW, up 3.82%.
Other companies such as Samsung Biologics (1.25%), LG Chem (2.90%), NAVER (0.18%), and Celltrion (2.02%) also saw gains.
The main contributors to the KOSPI breaking through 2600 were foreign investors. On this day, foreigners purchased stocks worth 501.5 billion KRW in the KOSPI market, while institutions net bought stocks worth 48.2 billion KRW.
On the other hand, individual investors took profits as the index surpassed 2600. By 11:45 AM, individuals sold stocks worth 534.7 billion KRW in the KOSPI market.
The KOSDAQ index also rose, recording 873.71, up 0.41% from the previous trading day.
Among the top 10 companies by market capitalization, all except Alteogen (-0.82%) and EcoPro BM (-0.79%) rose. Celltrion Healthcare traded at 100,700 KRW, up 2.03% from the previous day, Seegene rose 0.38%, and Celltrion Pharm increased by 4.66%.
Lee Kyung-min, a researcher at Daishin Securities, commented, "Regardless of the fluctuations in the global stock markets, the KOSPI's upward trend continues, maintaining relative strength," adding, "During the phase of global COVID-19 resurgence and surge, Korea's economy, industry, and financial market stability have been highlighted by showing differentiated stability."
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