KOSPI Hits Record High for Two Consecutive Days... Closes at '3258.63'

[Image source=Yonhap News]

[Asia Economy Reporter Ji-hwan Park] On the 15th, despite simultaneous selling by foreigners and institutions, the KOSPI set a new all-time closing high for the second consecutive day.

On that day, the KOSPI closed at 3,258.63, up 6.50 points (0.20%) from the previous day. Following a 0.01 percentage point improvement over the previous day's all-time closing high, it set another new record. However, the intraday high (3,262.80) did not surpass the intraday record of 3,266.23 set on January 11.

By investor type, foreigners and institutions sold a net 156.9 billion KRW and 43.1 billion KRW, respectively. Individuals were the sole net buyers with 199 billion KRW.

The top 10 stocks by market capitalization showed mixed movements. Samsung Electronics and SK Hynix rose by 0.50% and 1.18%, respectively. Kakao rose 1.40%, continuing its seven-day consecutive rise, overtaking NAVER, which remained flat, to rank third in market capitalization. LG Chem (-0.85%), Samsung Biologics (-1.29%), and Hyundai Motor (-0.42%) declined.

By sector, chemicals (0.82%), textiles and apparel (1.71%), securities (1.46%), and electrical and electronics (0.71%) rose. Conversely, transportation and warehousing (-1.30%), construction (-1.18%), distribution (-0.74%), and paper and wood (-0.70%) sectors fell.

The KOSDAQ closed at 997.37, down 0.04 points (0.00%) from the previous day. It opened at 998.05, up 0.64 points (0.06%) from the previous session (997.41), then fluctuated around a narrow range.

Foreigners and institutions also showed notable selling pressure on the KOSDAQ. Foreigners and institutions sold a net 136.8 billion KRW and 46 billion KRW, respectively. Meanwhile, individuals bought a net 200.3 billion KRW.

Among the top 10 KOSDAQ stocks by market capitalization, Celltrion Pharm had the largest decline at -4.02%. Celltrion Healthcare (-2.51%), Kakao Games (-0.17%), and CJ ENM (-0.18%) also fell. On the other hand, Pearl Abyss (1.09%), EcoPro BM (0.90%), and SK Materials (0.95%) rose.

Kim Ji-san, head of Kiwoom Securities Center, said, "The recent selling trend by foreigners appears to reflect concerns about the valuation of the Korean stock market and some profit-taking demands. Especially, since the U.S. economic momentum is expected to be stronger through this year, foreigners find that market more attractive, which is also influencing their behavior."