KOSPI Closes at '3276' Driven by Individual and Institutional Buying... Nearing Record Closing High

[Image source=Yonhap News]

[Asia Economy Reporter Ji-hwan Park] On the 23rd, the KOSPI closed above the '3270 level' thanks to net buying by individual and institutional investors. The reaffirmation of the Federal Reserve's accommodative policy stance influenced the index's rise.

On that day, the KOSPI closed at 3,276.19, up 0.38% from the previous trading day. The index opened at 3,265.73, up 0.06% from the previous day. It was close to the all-time closing high of 3,278.68 recorded on the 16th, just 2.49 points away.

The overnight rise in major U.S. stock indices?Dow Jones up 0.20%, Nasdaq up 0.79%, and S&P 500 up 0.51%?due to the reaffirmation of the Federal Reserve's accommodative policy stance positively affected investor sentiment. On the 22nd (local time), Jerome Powell, Chair of the U.S. Federal Reserve, stated, "We will not preemptively raise interest rates out of fear that inflation might start."

By investor type, individuals led the index with net buying of 83.8 billion KRW. Conversely, foreigners and institutions net sold 9.5 billion KRW and 31 billion KRW, respectively.

Among the top 10 market capitalization stocks, all rose except LG Chem (-0.83%). Samsung Electronics (0.13%), SK Hynix (1.64%), Kakao (6.60%), NAVER (8.31%), and Samsung Biologics (1.30%) all increased. Notably, NAVER surged more than 9% intraday, reaching 427,000 KRW. Kakao also jumped nearly 7%, hitting 170,000 KRW. Both set all-time highs.

The KOSDAQ closed at 1,016.46, up 0.48% from the previous day. After a slightly positive start at 1,015.64, the gains gradually expanded.

On the KOSDAQ, individuals net sold 178.2 billion KRW. Meanwhile, foreigners and institutions net bought 94.8 billion KRW and 88.4 billion KRW, respectively.

Among the top 10 market capitalization stocks on the KOSDAQ, performances were mixed. Kakao Games (-1.59%), Pearl Abyss (-0.31%), HL Biopharma (-1.04%), and SK Materials (-0.71%) declined. On the other hand, Celltrion Healthcare (2.66%), Celltrion Pharm (2.28%), EcoPro BM (2.30%), and Seegene (18.27%) rose.