KOSPI Rises to 3162.02
KOSDAQ Also on the Rise... Reaches Above 1008
[Asia Economy Reporter Gong Byung-sun] Foreign investors continued their buying in the KOSPI market as U.S. President Joe Biden's semiconductor pressure failed to significantly impact the stock market. As a result, the KOSPI recovered to the 3160 level.
As of 11:05 a.m. on the 13th, the KOSPI stood at 3161.63, up 0.83% (26.04 points) from the previous trading day. It even rose to 3162.02 at 10:50 a.m. that day.
The Biden administration's semiconductor pressure appears to have little influence on the stock market. Roh Dong-gil, a researcher at NH Investment & Securities, said, "It seems foreign investors sold off due to caution from the semiconductor meeting led by the Biden administration the day before, but since no major issues arose, they started buying again," adding, "If foreign investors' views on IT sectors do not change for the time being, net buying will continue."
On the 12th (local time), President Biden gathered CEOs of major semiconductor companies at the White House to urge investment in the U.S. However, White House spokesperson Jen Psaki had previously stated that the semiconductor meeting was not aimed at any decisions or announcements. Participants included Samsung Electronics, Taiwan's TSMC, Alphabet (Google's parent company), HP, and Intel.
Foreign investors and institutions are leading the KOSPI's upward trend. Foreigners and institutions net bought 172.2 billion KRW and 105 billion KRW, respectively. Individuals net sold 260.9 billion KRW.
Almost all sectors rose. The telecommunications sector saw the largest increase of 2.29%, followed by paper and wood (1.93%), chemicals (1.80%), pharmaceuticals (1.37%), and distribution (1.31%). Conversely, securities (-2.10%), finance (-0.23%), and construction (-0.30%) declined.
Most of the top 10 market capitalization stocks rose. Samsung SDI led with a 5.50% increase, buoyed by positive news of supplying batteries to U.S. electric vehicle maker Rivian. Following were LG Chem (3.18%), SK Hynix (1.45%), Celltrion (1.29%), Hyundai Motor (0.88%), Kia (0.83%), and Samsung Electronics (0.72%). NAVER, Samsung Biologics, and Kakao remained flat.
At the same time, the KOSDAQ rose 0.74% (7.41 points) to 1008.02 compared to the previous trading day. It climbed to 1008.10 at 10:39 a.m., continuing the previous day's upward momentum.
The KOSDAQ showed a pattern opposite to the KOSPI. Individuals net bought 74.4 billion KRW, while foreigners and institutions net sold 29 billion KRW and 27.6 billion KRW, respectively.
Most sectors also rose. Paper and wood led with a 2.75% increase, followed by pharmaceuticals (2.19%), medical and precision instruments (2.09%), transportation (1.68%), and information devices (1.09%). Meanwhile, finance (-2.93%), construction (-1.84%), publishing and media replication (-1.31%), other manufacturing (-0.97%), and telecommunication services (-0.20%) declined.
Almost all of the top 10 market capitalization stocks rose. Celltrion Pharm's increase was the largest at 4.66%, followed by EcoPro BM (2.16%), Kakao Games (2.01%), Celltrion Healthcare (2.00%), HL Biopharma (1.99%), Seegene (1.93%), and Studio Dragon (0.76%). Alteogen fell by -1.02%. Pearl Abyss and SK Materials remained flat.
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