KOSPI Breaks '3260 Level' Intraday... Approaching Intraday Record High

[Image source=Yonhap News]

[Asia Economy Reporter Park Jihwan] The KOSPI opened on a firm note, signaling a positive start. Attention is focused on whether it can surpass the 3260 level early in the session and set new all-time highs both intraday and at the close.

As of 9:14 a.m. on the 7th, the KOSPI stood at 3,257.05, up 0.53% (17.26 points) from the previous trading day. The index started at 3,244.59, up 4.51 points (0.14%) from the previous close, maintaining a strong upward trend. During the session, it rose as high as 3,263.57, approaching the all-time intraday high of 3,266.23 recorded on January 11.

The index is also on the verge of breaking the all-time closing high record. The highest closing level to date was 3,249.30, recorded on the 10th of last month.

Looking at investor trends, individual and institutional investors bought stocks worth 17.7 billion KRW and 50.3 billion KRW, respectively. Conversely, foreign investors sold a net 69.2 billion KRW.

Among the top 10 companies by market capitalization, all stocks are on the rise. Samsung Electronics is up 0.36% from the previous day, trading at 82,500 KRW. SK Hynix (0.78%), NAVER (1.54%), LG Chem (1.11%), Kakao (2.42%), Samsung Biologics (1.19%), and Hyundai Motor (1.86%) also saw gains.

Meanwhile, at the same time, the KOSDAQ index was down 0.19% (1.88 points) at 989.46 compared to the previous day. By investor type, individuals were net buyers of stocks worth 45.4 billion KRW, while foreign and institutional investors were net sellers of 39.4 billion KRW and 0.3 billion KRW, respectively.

The KOSDAQ showed mixed movements. Celltrion Healthcare remained flat, while Celltrion Pharm rose 0.44%. EcoPro BM (0.17%) and Pearl Abyss (1.39%) also increased. On the other hand, CJ ENM (-0.06%), Kakao Games (-0.89%), and Seegene (-1.27%) declined.

Han Ji-young, a researcher at Kiwoom Securities, commented, "The Korean stock market is expected to attempt new all-time highs this week, driven by relief over U.S. employment data and growing expectations for accelerated economic normalization due to expanded COVID-19 vaccination efforts. However, caution surrounding major events this week, including U.S. consumer inflation data in May, the European Central Bank (ECB) monetary policy meeting in June, and the domestic futures and options simultaneous expiration date (on the 10th), is likely to limit the index's upside."