"Foreigners and Institutions Buy Together" KOSPI Surpasses 3250 Intraday... Second Highest Ever

[Image source=Yonhap News]

[Asia Economy Reporter Lee Seon-ae] The KOSPI is showing a strong gain of around 1.7%, supported by simultaneous buying from foreigners and institutions. The KOSDAQ has risen above the 990 level, driven by solo buying from individuals.

As of 1:47 PM on the 10th, the KOSPI index is up 1.68% at 3,251.04. The index started the day at 3,201.46, up 4.26 points (0.13%), and has expanded its gains. This is only the second time in history that the KOSPI has surpassed the 3,250 mark during intraday trading, the first being on January 11 this year (3,266.23). Individuals, who showed buying dominance early in the session, appear to be realizing profits, currently selling stocks worth 867.8 billion KRW. However, foreigners and institutions are both net buyers, with foreigners purchasing 187.9 billion KRW and institutions 686.9 billion KRW.

Among the top market capitalization stocks on the KOSPI, Celltrion (3.56%), Hyundai Motor (2.23%), Samsung SDI (2.02%), Kakao (1.75%), Samsung Biologics (1.74%), Samsung Electronics (1.34%), NAVER (0.28%), Samsung Electronics Preferred (0.13%), and LG Chem (0.11%) have risen. SK Hynix is trading flat compared to the previous session.

By sector, securities (4.03%), steel and metals (3.06%), transportation and warehousing (2.88%), pharmaceuticals (2.8%), textiles and apparel (2.59%), and distribution (2.4%) are showing strength.

The KOSDAQ index is up 1.34% at 991.39. It started the day at 979.38, up 1.08 points (0.11%). Individuals are leading the index rise with net purchases of 93.9 billion KRW, while foreigners and institutions are selling 47.0 billion KRW and 29.4 billion KRW respectively.

Among the top market capitalization stocks on the KOSDAQ, Celltrion Pharm (3.95%), Pearl Abyss (3.83%), Celltrion Healthcare (3.45%), HL Biopharma (3.16%), Alteogen (2.34%), Kakao Games (1.89%), CJ ENM (1.34%), SK Materials (1.15%), and EcoPro BM (0.11%) are showing gains. By sector, textiles and apparel (3.47%), pharmaceuticals (3.21%), and distribution (2.43%) are strong.

Researcher Chae Hyun-gi of Cape Investment & Securities said, "This week’s domestic stock market can be summarized with two key themes: the possibility of a rebound in growth stocks and the continued rise of cyclical stocks." He added, "The expected weekly band for the KOSPI is between 3,130 and 3,250. Factors supporting the rise include the potential delay in tapering discussions and statements from Federal Reserve officials, while a higher-than-expected consumer price index is a downside risk."