[Asia Economy Reporter Lee Seon-ae] The domestic stock market continues its upward trend into the afternoon session. This is interpreted as maintaining its upward momentum thanks to foreign investors switching to net buying and the inflow of institutional buying.
As of 1:30 PM on the 23rd, the KOSPI index is up 1.56% at 3108.30, and the KOSDAQ index is up 2.81% at 995.10. The KOSPI started the day at 3086.81, up 26.30 points (0.86%), and the KOSDAQ started at 977.87, up 9.97 points (1.03%). After a rising start, the upward trend has been continuously maintained.
Only individual investors who bought at low prices during the recent correction are realizing profits alone. Individuals are net selling about 593.2 billion KRW and 348.1 billion KRW in the KOSPI and KOSDAQ markets, respectively. Foreigners are net buying 23.3 billion KRW and 247.1 billion KRW. They switched from net selling to net buying in the early session and have maintained it since. Institutions are showing strong net buying in both markets, purchasing 600.3 billion KRW and 93.3 billion KRW, respectively.
Seosangyoung, a researcher at Mirae Asset Securities, analyzed, "The recent rebound buying in the US stock market following its recent decline has raised expectations for a rebound in the domestic stock market. Furthermore, the Philadelphia Semiconductor Index rose 0.64%, the Russell 2000 Index rose 1.65%, and the rise in government bond yields highlighting risk asset preference are also positive factors."
He added, "Considering that the spread of the COVID-19 Delta variant continues, and concerns and expectations regarding the Jackson Hole Conference later this week persist, the rise is expected to be limited, with an individual stock market unfolding."
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