KOSPI Hits All-Time High, Closes at 2602.59... KOSDAQ Index Also Rises

[Asia Economy Reporter Oh Ju-yeon] On the 23rd, the KOSPI set a new all-time high and closed above the 2600 mark for the first time ever. The previous record was 2598.19 on January 29, 2018. Although the index had surpassed 2600 intraday before, this is the first time it closed above 2600.

On this day, the KOSPI closed at 2602.59, up 1.92% from the previous trading day, setting a new all-time high. Despite concerns over the third wave of the novel coronavirus infection (COVID-19), the stock market was able to show strength thanks to strong buying by foreign investors.

Foreign investors net purchased nearly 1 trillion KRW worth of stocks in the KOSPI market in just one day. Foreigners bought stocks worth 988.6 billion KRW, while individuals and institutions sold stocks worth 873.3 billion KRW and 59.1 billion KRW, respectively.

The stocks that attracted foreign buying were large-cap stocks such as Samsung Electronics (254 billion KRW), LG Chem (130.2 billion KRW), SK Hynix (89 billion KRW), Samsung SDI (56.5 billion KRW), and Hyundai Motor (47.8 billion KRW).

Thanks to this, Samsung Electronics rose 4.33% in one day, closing at 67,500 KRW, and SK Hynix increased by 3.31%, regaining the 100,000 KRW mark. LG Chem (3.31%), Celltrion (1.52%), Hyundai Motor (1.13%), and Samsung SDI (2.14%) also closed higher.

Most other large-cap stocks also rose, including Kakao, LG Household & Health Care, Kia Motors, Hyundai Mobis, and Samsung C&T.

The KOSDAQ index closed at 873.29, up 0.36% from the previous trading day. In the KOSDAQ market, individuals bought stocks worth 132.4 billion KRW, while foreigners and institutions net sold stocks worth 43.1 billion KRW and 66.7 billion KRW, respectively.

Among the top market cap stocks, Celltrion Healthcare (1.22%), Seegene (0.76%), HL Biopharma (0.83%), and Celltrion Pharm (3.67%) rose, while Alteogen (-1.00%) and EcoPro BM (-0.40%) declined.

Seo Young-jae, a researcher at KB Securities, explained, "With the easing of uncertainty over the U.S. presidential election and expectations for a COVID-19 vaccine, stock funds are flowing in November," adding, "The preference for risk assets may continue due to expectations for the resumption of economic activities."