KOSPI Closes at Record High of '3252.12'... "Not Yet a Full Trend Upward... Box Range Movement Expected"

[Image source=Yonhap News]

[Asia Economy Reporter Park Jihwan] On the 7th, the KOSPI closed at the '3250 level,' surpassing the all-time closing high of 3249.30 recorded on the 10th of last month.

On this day, the KOSPI closed at 3252.12, up 12.04 points (0.37%) from the previous trading day. The index opened at 3244.59, up 4.51 points (0.14%) from the previous close, and extended its gains. Early in the session, it broke through the 3260 level, approaching the intraday all-time high of 3266.23 recorded on January 11.

However, as foreign investors increased their selling volume, the gains narrowed, and the index temporarily reversed to a decline. Afterwards, the KOSPI fluctuated around the 3240 level before expanding its gains in the afternoon due to net buying by institutional investors.

By investor type, individuals and institutions were net buyers of 67.7 billion KRW and 117.3 billion KRW, respectively. Conversely, foreign investors were net sellers of 187.6 billion KRW.

Among the top 10 KOSPI stocks by market capitalization, Kia (1.12%), Kakao (1.61%), NAVER (1.54%), and Samsung Biologics (0.24%) rose. Samsung Electronics (-0.36%) and Celltrion (-0.94%) declined.

The KOSDAQ closed at 985.86, down 0.17% (1.72 points) from the previous trading day. By investor type, individuals were net buyers of 110 billion KRW. Institutions also showed a buying advantage of 2.8 billion KRW. Foreign investors were net sellers of 99.1 billion KRW.

Among the top market capitalization stocks, Celltrion Healthcare (-1.59%), Celltrion Pharm (-1.24%), CJ ENM (-0.12%), and Seegene (-1.43%) declined. Meanwhile, Kakao Games (0.54%), EcoPro BM (0.34%), and Pearl Abyss (0.70%) rose.

Despite the new all-time high record for the KOSPI, experts analyze that this is not yet a full-fledged upward trend. Kim Jisan, head of Kiwoom Securities Center, said, "It does not yet appear to be a full-fledged upward trend," adding, "Currently, the market is in a phase where inflation concerns coincide with tapering fears, and it is expected to continue in a box range for some time."