[Asia Economy Reporter Oh Ju-yeon] The domestic stock market saw large-cap stocks such as Samsung Electronics and SK Hynix lead the index gains amid net purchases by foreigners.
According to the Korea Exchange on the 23rd, the KOSPI surpassed the 2600 mark during the session, setting a new intraday high. It is the first time in 2 years and 10 months since January 29, 2018, when the KOSPI recorded 2607.10 intraday.
As of 2:41 PM, the KOSPI stood at 2598.84, up 1.78% from the previous trading day. During the session, it rose to 2604.92, marking a new intraday high.
The all-time highest KOSPI level was 2607.10 intraday on January 29, 2018, and the closing high was 2598.19 on the same day. If the market closes above 2600 today, the KOSPI will set a new record high closing price.
The index gains today were driven by large-cap stocks such as Samsung Electronics and SK Hynix. Samsung Electronics traded at 67,200 KRW, up 3.86% from the previous day, and SK Hynix recovered to the 100,000 KRW level, trading at 100,500 KRW, up 3.82%.
Samsung Electronics began a sharp upward trend earlier this month. After recording 56,600 KRW on the 30th of last month, it steadily rose and hit a new high of 67,000 KRW on the 17th. SK Hynix also surged from 79,600 KRW on the 2nd to 100,500 KRW on the 18th, surpassing the 100,000 KRW mark for the first time in about nine months since February 21. Although this rally slowed down in the latter part of last week, the expectation of semiconductor industry improvement attracted bargain buying.
Securities stocks also showed strong performance. Kiwoom Securities traded at 123,500 KRW, up 7.83% from the previous day, and Hanwha Investment & Securities rose 7.35% to 9,420 KRW. KTB Investment & Securities (5.03%) and SK Securities (3.07%) also increased.
Most other large-cap stocks also rose, with Samsung Biologics (1.00%), LG Chem (3.18%), NAVER (0.18%), and Celltrion (1.69%) showing strength.
The main contributors to the KOSPI surpassing 2600 were foreigners. Foreign investors bought stocks worth 770.4 billion KRW in the KOSPI market, and institutions also net purchased 106.9 billion KRW.
On the other hand, individual investors took profits as the index crossed 2600, selling stocks worth 829.9 billion KRW in the KOSPI market.
The KOSDAQ index also rose, closing at 872.45, up 0.26% from the previous day.
Among the top 10 market capitalization stocks, all except Alteogen (-0.88%), EcoPro BM (-0.86%), and CJ ENM (-0.59%) rose. Celltrion Healthcare traded at 100,000 KRW, up 1.32% from the previous day, while Seegene rose 1.14% and Celltrion Pharm increased 2.14%.
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