[Asia Economy Reporter Lee Seon-ae] On the 23rd, the KOSPI and KOSDAQ indices, which started higher, maintained their upward momentum until the end of the trading session and closed higher. In the case of the KOSPI, although foreign investors turned to net selling near the close, giving up some of the gains, it ended higher thanks to net buying by institutions. The KOSDAQ successfully closed with gains in the 2% range, supported by combined buying from foreign and institutional investors.
On this day, the KOSPI closed at 3,090.21, up 29.70 points (0.97%). The KOSPI recovered to the 3,100 level during the session but ultimately closed near 3,090 due to foreign investors' net selling near the close.
Individual investors, who had focused on buying at low prices amid recent corrections, were busy selling on this day. They net sold about 571.8 billion KRW in the KOSPI market. Foreign investors net sold 28.6 billion KRW, while institutions net bought about 609.3 billion KRW, leading the market rebound.
The KOSDAQ closed at 993.18, up 25.28 points (2.61%). It successfully recovered the 990 level, supported by simultaneous buying from foreign and institutional investors.
Individuals sold about 460.7 billion KRW, but foreign and institutional investors net bought 327.9 billion KRW and 118.2 billion KRW, respectively.
By sector in the KOSPI, the sectors that declined included Chemicals (-2.29%), Medical Precision (-2.28%), Banks (-0.86%), and Non-metallic Minerals (-0.65%). The sectors that rose included Securities (2.96%), Pharmaceuticals (2.8%), Telecommunications (2.58%), Small Caps (2.55%), Construction (2.36%), and Mid Caps (2.09%).
In the KOSDAQ, most sectors rose, with Distribution showing strong gains of over 5%. Following that, Transportation and Textiles & Apparel rose in the 4% range, while General Electric & Electronics, Broadcasting Services, Entertainment & Culture, Pharmaceuticals, Telecommunications & Broadcasting Services, Finance, and Telecommunications Services all rose more than 3%. Additionally, Telecommunications Equipment, Other Services, Manufacturing, Metals, and Other Manufacturing IT Components rose in the 2% range to close higher.
Among the top 10 KOSPI stocks by market capitalization, LG Chem (-11.14%) plunged sharply, and KakaoBank (-1.32%) also declined. Samsung SDI (3.37%), Kakao (3.13%), Samsung Biologics (2.33%), NAVER (1.66%), Hyundai Motor (1.24%), Samsung Electronics (0.83%), SK Hynix (0.49%), and Samsung Electronics Preferred (0.15%) all rose.
Among the top 10 KOSDAQ stocks by market capitalization, Kakao Games (-2.96%) declined. Celltrion Pharm (8.21%), Celltrion Healthcare (7.94%), EcoPro BM (5.60%), SK Materials (2.43%), Seegene (2.11%), CJ ENM (2.08%), Pearl Abyss (1.97%), and L&F (0.17%) all rose. The stock prices of the three Celltrion Group companies all rose on expectations of the imminent entry of Celltrion's COVID-19 antibody treatment 'Rekkirona' into the U.S. and European markets.
Park Gwang-nam, a researcher at Mirae Asset Securities, said, "The Korean stock market reflected relief over the U.S. major indices all closing higher and saw increased rebound buying following last week's sharp decline. Along with institutional net buying, foreign investors switched to net buying for the first time in 10 trading days, which positively contributed to the expansion of gains."
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