Rebounding Bull Market... KOSPI Rises Over 2%

KOSDAQ Also Reverses to an Uptrend

On the morning of the 1st, with the KOSPI starting on an upward trend, employees are working in the Hana Bank dealing room in Jung-gu, Seoul.
[Image source=Yonhap News]

[Asia Economy Reporter Minwoo Lee] The KOSPI index rose more than 2% intraday compared to the previous day. The KOSDAQ, which had fallen nearly 1%, also reversed its downward trend and showed signs of rebound.

As of 1:05 PM on the 1st, the KOSPI recorded 2,897.12, up 2.05% from the previous day. After a firm start at 2,860.12, it briefly dipped slightly but soon rebounded, widening its gains.

By investor type, foreigners net purchased stocks worth 743.8 billion KRW, marking the largest single-day net buying since the 22nd of last month. Institutions also bought stocks worth 26.7 billion KRW. Individuals net sold stocks worth 760.7 billion KRW.

The rise was particularly notable among the top market capitalization stocks. Samsung Electronics, ranked first in market cap, saw the largest increase of 4.35%. SK Hynix, second in market cap, which had shown a slight decline at one point, rose 2.63%. Other notable increases included Kia (3.34%), LG Chem (2.88%), Hyundai Motor (2.30%), NAVER (2.10%), Samsung Biologics (1.12%), Samsung SDI (0.58%), and Kakao (0.41%). Only KakaoBank fell by 0.15%.

At the same time, the KOSDAQ index rose 0.49% from the previous day to 970.36. Early in the session, it dropped 1.63% to 949.86, falling into the 940 range for the first time since October 13, but then gradually climbed.

In the KOSDAQ market, individuals were the sole net buyers, purchasing stocks worth 117 billion KRW. Foreigners and institutions each net sold stocks worth 52.5 billion KRW.

The top 10 market cap stocks on KOSDAQ still showed weakness. Wemade (-6.60%), EcoPro BM (-6.20%), L&F (-5.84%), and Seegene (-4.89%) experienced particularly large declines. Following were Pearl Abyss (-2.89%) and Kakao Games (-1.83%). Meanwhile, Celltrion Healthcare (2.10%), Celltrion Pharm (1.33%), and HLB (0.83%) rose. SK Materials remained flat.