'Returned Foreigner'... KOSPI Rebounds Successfully

[Asia Economy Reporter Ji Yeon-jin] The domestic stock market succeeded in rebounding on the morning of the 8th, breaking away from a sluggish start. Foreign investors turned to net buying during the session, lifting the index.

The KOSPI index was trading at 3,137.79 at 10:31 a.m., up 0.38 points (0.01%) from the previous day. Individuals net bought about 251 billion KRW, and foreigners also purchased 26.3 billion KRW. On the other hand, institutions were net sellers with 276.6 billion KRW.

The index started the day with a firm tone but showed weakness due to simultaneous selling by institutions and foreigners. However, it rebounded as foreign investors turned to buying. While large-cap stocks hesitated, buying was mainly seen in small and mid-cap stocks.

Among the top market capitalization stocks, SK Hynix (1.39%), Kakao (1.85%), and Kia (0.82%) showed gains, while most other stocks recorded slight declines. Samsung Electronics (-0.70%) and LG Chem (-0.72%) were weak. Notably, construction stocks stood out with gains in the 3% range.

The KOSDAQ index rose 4.02 points (0.41%) from the previous day to 977.24. Individuals net bought about 27.4 billion KRW, while foreigners and institutions net sold 23 billion KRW and 4.2 billion KRW, respectively.

The KOSDAQ index, which opened with a firm tone, turned to a decline in the early session but rebounded within about 30 minutes. Entertainment stocks such as Kakao Games (1.10%), HL Biopharma (1.41%), Studio Dragon (0.66%), and CJ ENM (0.07%) led the gains. In contrast, Celltrion Healthcare (-0.23%), Celltrion Pharm (-0.77%), and Pearl Abyss (-0.89%) were down.

Lee Kyung-min, head of investment strategy at Daishin Securities, explained, "Although the market showed a sluggish trend in the early session, the KOSPI reversed to an upward trend as foreigners switched to net buying."