'Attack on KOSPI Rally' Intraday and Closing Record Streak... KOSDAQ Starts Thousand Point Rally

[Asia Economy Reporter Lee Seon-ae] On the 16th, the KOSPI, which broke through the 3280 mark for the first time during the trading session and set an all-time high, made new history based on the closing price as well. Continuing the record-breaking closing prices for the past two days, it marked three consecutive days of closing at an all-time high. It is the first time that the KOSPI has surpassed the 3260 and 3270 levels based on the closing price.

On this day, the KOSPI closed at 3,278.68, up 0.62% from the previous day. On the 14th, the KOSPI closed at 3,252.13, up 0.09% from the previous day, setting a record for the highest closing price. On the 15th, it closed at 3,258.63, up 0.20% from the previous day, breaking the record for the highest closing price for two consecutive days. With the record continuing on this day, the KOSPI extended its rally for three consecutive days.

The all-time high streak continued during the trading session as well. After breaking through the 3270 level, it also surpassed the 3280 barrier. At 11:16 a.m., it recorded 3,281.96, setting a new all-time high. This surpassed the intraday high of 3,266.81 recorded on January 11, after five months. It is the first time in history that the KOSPI has broken through the 3270 and 3280 levels during the trading session.

The rally in the KOSPI was led by foreigners. Foreign investors bought 234.3 billion KRW worth of shares in the KOSPI market, driving the rise. Individual investors, who participated in net buying early in the session, switched to net selling as the KOSPI rally continued, realizing profits. On this day, individuals sold about 283.7 billion KRW net. Institutions showed a net buying advantage of 44.7 billion KRW.

Among the top 10 KOSPI market capitalization stocks, LG Chem (-1.46%), Celltrion (-1.27%), Samsung Biologics (-1.07%), and Kakao (-1.04%) declined. Samsung Electronics (1.11%), Hyundai Motor (1.05%), NAVER (1.03%), SK Hynix (0.78%), Samsung Electronics Preferred (0.54%), and Samsung SDI (0.46%) rose.

By sector, the declining sectors included textiles and apparel (-2.07%), pharmaceuticals (-0.79%), telecommunications (-0.75%), and paper and wood (-0.33%). The rising sectors were banking (2.32%), transportation and warehousing (2.03%), medical precision instruments (1.59%), insurance (1.55%), machinery (1.47%), and finance (1.35%).

The KOSDAQ exceeded 1000 during the session, raising expectations for a return to the 'Thousand KOSDAQ'. On this day, the KOSDAQ closed at 998.49, up 0.11% from the previous day. In the KOSDAQ market, foreigners and institutions showed net selling, while only individuals were net buyers. Individuals bought 57.7 billion KRW worth of shares. Foreigners and institutions sold 33.9 billion KRW and 27.9 billion KRW net, respectively.

Among the top 10 KOSDAQ market capitalization stocks, Celltrion Healthcare (-1.75%), Kakao Games (-1.56%), Celltrion Pharm (-1.46%), Pearl Abyss (-1.39%), Seegene (-0.93%), SK Materials (-0.62%), and HLB (-0.60%) declined. CJ ENM (4.12%), EcoPro BM (1.88%), and Alteogen (0.53%) rose.

By sector, the declining sectors included telecommunications equipment (-0.81%), digital content (-0.68%), distribution (-0.68%), pharmaceuticals (-0.35%), and non-metallic minerals (-0.24%). The rising sectors were internet (2.57%), broadcasting services (2.34%), telecommunications and broadcasting services (1.98%), transportation (1.46%), and computer services (1.08%).

Experts expect the KOSPI to continue breaking all-time highs while showing a sideways trend for the time being. The upper range of securities firms' KOSPI forecast bands for the second half of the year is between 3300 and 3700. Samsung Securities, Korea Investment & Securities, and Kyobo Securities suggested 3300; IBK Investment & Securities suggested 3400; Meritz Securities suggested 3500; NH Investment & Securities and Hanwha Investment & Securities suggested 3500; Daishin Securities suggested 3630; Hana Financial Investment suggested 3650; and Shinhan Financial Investment suggested the highest at 3700.

Lee Kyung-min, a researcher at Daishin Securities, said, "As bond yields and the dollar stabilize downward, large tech stocks and growth stocks supported by earnings, which had been suppressed by discount rate pressure, will revive and lead the stock market's upward trend."