[Asia Economy Reporter Ji-hwan Park] The KOSPI, which had plunged by over 1.5% the previous day, is maintaining a slight upward trend due to simultaneous buying by individual and foreign investors.
As of 10:36 a.m. on the 22nd, the KOSPI stood at 3,189.04, up 0.55% (17.38 points) compared to the previous trading day. The index opened at 3,174.52, up 0.09% (2.86 points) from the previous day.
Investor trends on the day show that individuals and foreigners are both net buyers. Individuals had a net purchase of 44.7 billion KRW, and foreigners showed a net buying advantage of 32.1 billion KRW. Conversely, institutions sold stocks worth 85.8 billion KRW.
Among the top market capitalization stocks, most are on the rise. Samsung Electronics rose 0.12% from the previous day to 82,700 KRW. SK Hynix (1.51%), NAVER (0.39%), LG Chem (1.16%), and Kakao (0.42%) also increased. On the other hand, Samsung Biologics fell by 1.68%.
At the same time, the KOSDAQ index stood at 1,027.16, up 0.48% (4.94 points) from the previous trading day. The index opened at 1,023.65, up 0.14% (1.43 points) from the previous day.
By investor type, individuals were net buyers of stocks worth 42.9 billion KRW. Institutions also showed a net buying advantage of 0.9 billion KRW. Foreigners, however, were net sellers with 35.3 billion KRW sold.
Among the top market capitalization stocks, there was a mixed performance. Seegene (-2.78%) and Pearl Abyss (-2.03%) declined. Celltrion Healthcare (0.72%), Celltrion Pharm (0.07%), Kakao Games (0.36%), and EcoPro BM (2.21%) rose.
Domestic experts believe that the stock market is likely to maintain an upward trend for the time being. The strong performance of global markets, including the U.S., driven by expectations of economic normalization, is expected to positively influence the domestic market. Above all, expectations for earnings growth are driving the rise, and favorable factors such as improvements in the macro environment and easing interest rate volatility are emerging as positive variables for the stock market.
Yoon-chul Park, a researcher at Hi Investment & Securities, explained, "The domestic stock market is showing upward pressure influenced by the strong global markets. Positive export indicators and the International Monetary Fund (IMF) economic outlook are also supporting the market."
Yoo-jun Choi, a researcher at Shinhan Financial Investment, said, "The foreign investors' profit-taking after new highs was also experienced in January. The major difference between then and now is that the market's momentum has shifted from price-to-earnings ratio (PER) increases to earnings growth, and the number of rising stocks has increased, spreading the upward momentum to many stocks." He added, "With concerns about interest rate hikes also easing, the macro environment is generally favorable, so volatility may be limited."
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