KOSPI Continues Uptrend at '3260 Level'... Kakao and Naver Reach Record Highs Side by Side

[Image source=Yonhap News]

[Asia Economy Reporter Park Jihwan] On the 3rd, the KOSPI continued its upward trend following the Federal Reserve's (Fed) reaffirmation of a dovish monetary policy stance. On the same day, Kakao and Naver both reached all-time highs during trading.

As of 10:50 AM, the KOSPI stood at 3,269.70, up 0.18% from the previous trading day. The index opened at 3,265.73, a 0.06% increase from the previous day.

The positive investor sentiment appears to have been influenced by the overnight rise in major New York stock indices, with the Dow up 0.20%, Nasdaq up 0.79%, and S&P 500 up 0.51%. Seosangyoung, a researcher at Mirae Asset Securities, commented, "The U.S. stock market's continued strength, supported by Fed officials' dovish monetary policy signals and remarks aimed at stabilizing financial markets, is expected to positively impact investor sentiment." Park Yoonchul, a researcher at Hi Investment & Securities, added, "The strong performance of the U.S. stock market overnight is likely to exert upward pressure on the Korean stock market as well."

By investor type, individual investors led the market with net purchases of 169.7 billion KRW, while foreigners and institutions were net sellers of 59.1 billion KRW and 74.7 billion KRW, respectively.

Among the top 10 companies by market capitalization, all stocks rose except LG Chem (-0.48%). Samsung Electronics (0.38%), SK Hynix (0.82%), Kakao (2.52%), NAVER (3.20%), and Samsung Biologics (0.71%) all saw gains. Notably, Naver surged more than 9% intraday, reaching 427,000 KRW. Kakao also jumped over 5%, hitting 167,500 KRW. Both marked all-time highs.

At the same time, the KOSDAQ index rose 0.62% from the previous day to 1,017.83. After a firm start at 1,015.64, the index gradually expanded its gains.

On the KOSDAQ, individual investors were net sellers of 96.1 billion KRW, while foreigners and institutions were net buyers of 72.2 billion KRW and 21.2 billion KRW, respectively.

Among the top 10 KOSDAQ stocks by market capitalization, performance was mixed. Pearl Abyss (-1.24%) and Kakao Games (-1.41%) declined, whereas Celltrion Healthcare (2.74%), Celltrion Pharm (5.64%), EcoPro BM (1.48%), and Seegene (7.11%) rose.

Lee Kyungsoo, a researcher at Hana Financial Investment, emphasized, "From now on, attention should be paid even to minor movements in second-quarter earnings estimates by stock. Ultimately, the tone regarding second-quarter earnings has been rising recently, and in a market unrelated to profits, the most desirable strategy is to respond to stocks that have experienced excessive short-term declines and are showing trend-based market interest."