Market Focused on 'Bargain Buying'... KOSPI Holds at 3240, KOSDAQ Maintains 1030 Level

[Image source=Yonhap News]

[Asia Economy Reporter Lee Seon-ae] On the 12th, the domestic stock market started higher and maintained its upward trend due to net buying by foreigners and institutions.

As of 10:50 AM, the KOSPI was trading at 3,242.80, up 24.85 points (0.77%) from the previous trading day. The KOSPI opened at 3,227.51, up 9.56 points (0.30%) from the previous day.

Individuals and foreigners sold stocks worth approximately 86.7 billion KRW and 5.5 billion KRW respectively, while institutions bought about 95.4 billion KRW.

Among the top 14 stocks by market capitalization, all are rising except Samsung SDI (-0.95%) and Kakao (-0.62%). POSCO (2.51%), Kia (2.44%), Hyundai Motor (1.77%), SK Hynix (1.67%), and Hyundai Mobis (1.45%) are showing strong gains in that order.

Samsung Electronics, ranked first in KOSPI market capitalization, is trading at 80,000 KRW, up 0.76% from the previous day. By sector, steel and metals (2.16%), paper and wood (2.13%), banking (1.98%), insurance (1.97%), and textiles and apparel (1.86%) are leading the gains.

The KOSDAQ index is trading at 1,033.99, up 5.06 points (0.49%) from the previous day. The index opened at 1,030.36, up 1.43 points (0.14%) on the day.

Seojeonghoon, a researcher at Samsung Securities, said, "Due to the combined effect of stock price adjustments and the depreciation of the Korean won, the KOSPI on a dollar-converted basis shows oversold signals in technical indicators, indicating that rebound buying can sufficiently flow in."

Kim Daejun, a researcher at Korea Investment & Securities, stated, "Although concerns about further declines remain as risk factors have not been completely resolved, excessive worries should be avoided," adding, "China's monetary easing and the rebound in the U.S. stock market are factors that revive the shrinking risk asset preference." He emphasized, "Attention should be paid to sectors with increased valuation attractiveness due to lower stock price levels."