KOSPI Maintains Morning Uptrend... Trading Around 3240 Level

Positive Market Response to Sharp CPI Surge Boosts US Stock Performance

[Asia Economy Reporter Minji Lee] The KOSPI and KOSDAQ indices are maintaining an upward trend. This is analyzed to be due to the stock market showing positive performance despite the US Consumer Price Index (CPI) posting its largest increase in 13 years the previous day.

At 10:40 a.m. on the 11th, the KOSPI stood at 3,240.75, up 0.49% (15.85 points) from the previous trading day. The index started the day at 3,226.98, up 0.07% (2.34 points) from the previous day, and has maintained its upward momentum. Looking at investor trends, institutions alone purchased stocks worth 104.3 billion KRW. Foreigners and individuals sold stocks worth 24.7 billion KRW and 126.7 billion KRW, respectively.

By sector, telecommunications (1.53%), steel & metals (1.56%), machinery (1.08%), and chemicals (0.92%) showed gains in that order. SK Telecom showed an increase of over 3%, supported by expectations of corporate value growth following its spin-off. Semiconductor and pharmaceutical sectors, which led the rise in the US stock market the previous day, rose by 0.45% and 0.4%, respectively.

Among the top market capitalization stocks, most showed gains. SK Hynix (2.03%), Kakao (0.75%), LG Chem (1.98%), Hyundai Motor (1.27%), and Samsung SDI (4.43%) also rose. On the other hand, Samsung Electronics (-0.12%), NAVER (-0.13%), and Samsung Biologics (-0.23%) declined.

At the same time, the KOSDAQ index stood at 990.97, up 0.32% (3.20 points) from the previous trading day. The index started the day at 989.39, up 0.16% (1.62 points) from the previous day, maintaining its upward trend. In the KOSDAQ market, individuals alone continued their buying spree by purchasing stocks worth 155.8 billion KRW. Foreigners and institutions sold stocks worth 106.7 billion KRW and 47.8 billion KRW, respectively.

By sector, paper & wood (1.03%), telecommunication services (0.85%), IT components (0.81%), and food & tobacco (0.82%) showed the largest gains. Most of the top market capitalization stocks showed gains. Celltrion Healthcare and Celltrion Pharm rose by 0.94% and 0.80%, respectively. EcoPro BM (1.79%), Pearl Abyss (0.49%), CJ ENM (0.42%), and SK Materials (2.56%) also rose. On the other hand, Kakao Games (-0.18%) and HL Biopharma (-0.30%) declined.

Han Ji-young, a researcher at Kiwoom Securities, said, “The simultaneous expiration of futures and options, which was a short-term supply and demand instability factor, has ended, and influenced by the US stock market’s positive digestion of the sharp CPI rise, the upward trend will continue.” She added, “Investment sentiment for growth-related stocks, which had been relatively sluggish due to sensitivity to interest rate hikes, is expected to improve.”