US Stock Market Strengthens... KOSPI Rises Over 1% in Early Trading

[Image source=Yonhap News]

[Asia Economy Reporter Minji Lee] As the U.S. stock market reached an all-time high, the domestic stock market is also showing an upward trend. With net buying from institutions and foreigners flowing in, the KOSPI is rising by over 1%.

As of 9:18 a.m. on the 18th, the KOSPI stood at 3,083.13, up 1.17% (35.63 points) from the previous trading day. On the same day, the KOSPI recorded 3,054.93, up 0.24% (7.43 points) from the previous trading day. Looking at investor trends, foreigners and institutions bought stocks worth 27.1 billion KRW and 133.6 billion KRW respectively. Individuals alone sold stocks worth 153.8 billion KRW.

Most of the top market capitalization stocks are showing gains. Samsung Electronics recorded 83,100 KRW, up 0.97% from the previous trading day. SK Hynix (2.5%), NAVER (1.56%), LG Chem (1.17%), Hyundai Motor (1.94%), Samsung Biologics (1.81%), and Samsung SDI (3.6%) also rose.

SK Bioscience, which was listed on the same day, achieved a "ttasang" (a newly listed stock that doubles its IPO price on the first trading day and then rises to the price limit before closing). During the general IPO subscription held on the 9th and 10th, SK Bioscience attracted about 64 trillion KRW in subscription deposits, the largest ever for an IPO, raising expectations for a ttasang. As of this time, SK Bioscience's market capitalization is about 13 trillion KRW, ranking 29th by market cap.

At the same time, the KOSDAQ index stood at 951.47, up 0.81% (7.69 points) from the previous trading day. On the same day, the KOSDAQ index recorded 945.11, up 0.14% (1.33 points) from the previous trading day.

Looking at investor trends, institutions and individuals are increasing their net buying. They bought stocks worth 3.8 billion KRW and 0.5 billion KRW respectively, while foreigners alone sold stocks worth 3 billion KRW.

Most of the top market capitalization stocks rose. Celltrion Healthcare (2.70%), Celltrion Pharm (1.79%), Alteogen (2.99%), Pearl Abyss (0.83%), and Kakao Games (0.97%) also increased.

Seojung Hoon, a researcher at Samsung Securities, explained, “With the confirmation of the March FOMC results, the market has alleviated significant uncertainty. Since the Fed’s commitment to inflation support has been reaffirmed, the domestic stock market will continue a gradual rebound, focusing on cyclical stocks.”