[Asia Economy Reporter Ji Yeon-jin] The KOSPI index showed strength on the 19th with simultaneous buying by foreigners and institutions, but its momentum appears to be weakening. The KOSDAQ index is engaged in a fierce battle over the 'Cheonsdak' level.
As of 10:25 a.m. on the day, the KOSPI index was trading at 3,016.97, up 10.29 points (0.34%) from the previous day. Institutions are net buying about 93.2 billion KRW, and foreigners are net buying about 15.5 billion KRW. Individuals are net selling about 105.9 billion KRW.
The KOSPI started the day up 0.52% from the previous day, expanded gains in the early session, but then stalled as foreign net buying decreased. Most of the top market cap stocks, including Samsung Electronics (+0.43%) and SK Hynix (+0.21%), are on the rise. In particular, NAVER (+2.27%) and Kakao (+2.06%) showed strong performance. However, Hyundai Motor has been flat since the early session, and Celltrion is down 1.15%.
Additionally, stocks with strong earnings outlooks such as NCSoft (+4.87%), HYBE (+4.10%), Netmarble (+4.56%), and Hanwha Solutions (+3.08%) are showing strength.
Lee Kyung-min, head of the investment strategy team at Daishin Securities, said, "The market flow is still weak to be considered a trend reversal. The rebound is continuing mainly in undervalued stocks depending on psychological changes."
The KOSDAQ index recorded 998.47, up 4.61 points (0.46%) from the previous day. Individuals are net buying about 69.6 billion KRW, while foreigners and institutions are selling about 38.4 billion KRW and 4.3 billion KRW, respectively.
Among the top market cap stocks, L&F (+6.88%) surged more than 9% during the session, reflecting Tesla's earnings expectations, and Wemade (+8.57%) showed a sharp rise due to the success of its new game. However, Celltrion Healthcare (-1.59%), Celltrion Pharm (0.57%), and SK Materials (-0.57%) are weak.
In addition, NeoImmuneTech (Reg.S) is soaring more than 20% on news of FDA approval for the world's first lung cancer immunotherapy, and Studio Santa Claus is also up more than 10% due to the Netflix effect, which showed strength in the New York stock market on the 18th (local time).
Han Ji-young, a researcher at Kiwoom Securities, said, "This week, major tech and growth stocks such as Netflix, Tesla, and Intel will announce earnings in the U.S., so the cautious sentiment surrounding this is expected to affect the domestic stock market as well," adding, "Considering that domestic companies are also recording better-than-expected earnings, the earnings momentum, which had been dormant for a while, may be reestablished."
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