Foreigners and Individuals Jointly Buy... KOSPI Hits Intraday Record High for the First Time in 5 Months

[Image source=Yonhap News]

[Asia Economy Reporter Lee Seon-ae] The KOSPI index reached its highest intraday level in five months on the 16th.

As of 9:20 a.m. that day, the KOSPI was at 3,266.95, up 8.32 points (0.26%) from the previous day. It rose intraday to 3,271.01, surpassing the previous intraday high of 3,266.81 recorded on January 11. Having set closing highs over the past two days, the KOSPI has continued its upward trend for four consecutive days.

The KOSPI opened the session at 3,259.06, up 0.43 points.

Looking at investor trends, individuals and foreigners are leading the rise with a 'double pull' buying spree, while institutions are strengthening their selling. Individuals purchased 29 billion KRW, foreigners bought 107.6 billion KRW, and institutions sold a net 132.1 billion KRW.

By sector, steel and metal (+0.34%), paper and wood (+0.20%), and transportation equipment (+0.09%) showed strength, while electricity and gas (-0.09%), telecommunications (-0.06%), and chemicals (-0.05%) declined.

The KOSDAQ index is trading at 998.11, up 0.07% from the previous day. It opened at 997.68, up 0.31 points.

Regarding investor trends, individuals are the sole buyers, while foreigners and institutions are both selling. Individuals are net buyers of 15 billion KRW, whereas foreigners and institutions are net sellers of 3.2 billion KRW and 56.6 billion KRW, respectively.

By sector, telecommunications services (+0.67%), computer services (+0.22%), and entertainment and culture (+0.10%) are strong, while transportation (-0.15%), non-metallic minerals (-0.07%), and textiles and apparel (-0.06%) are declining.

Han Ji-young, a researcher at Kiwoom Securities, stated, "As the rotation market trend in the Korean stock market is still unfolding, intraday stock price movements are expected to diverge among sectors depending on changes in the U.S. futures market and 10-year bond yields, as well as China's May retail sales and industrial production data." She added, "Since the overall market level pressure following the KOSPI's new high is not as significant as during previous record highs, the supply pressure from sell-offs is expected to be limited."