Domestic Stock Market Closes Higher Across the Board..."Easing Concerns Over Tightening"

[Image source=Yonhap News]

[Asia Economy Reporter Park Ji-hwan] On the 12th, the domestic stock market closed with a simultaneous rise. The KOSPI recovered to the 2970 level, and the KOSDAQ regained the 990 level. This is interpreted as having a positive impact on the investment sentiment of foreigners and institutions as concerns over the acceleration of tightening by the U.S. Federal Reserve eased somewhat.

On that day, the KOSPI closed at 2,972.48, up 45.10 points (1.54%) from the previous trading day. The index started at 2,950.78, up 23.40 points (0.80%) from the previous session, and maintained a strong trend.

By investor type, individuals sold a net 1.0717 trillion KRW. In contrast, foreigners and institutions bought a net 455.3 billion KRW and 606.5 billion KRW, respectively.

Among the top 10 stocks by market capitalization, all stocks except Samsung Electronics (0.00%) closed higher. LG Chem (5.31%) and Samsung SDI (5.10%) rose more than 5%. Samsung Biologics (2.88%), Kakao (2.32%), and Kia (1.19%) followed with significant gains.

The KOSDAQ closed at 991.33, up 21.41 points (2.21%) from the previous session.

By investor type, individuals sold a net 163.9 billion KRW. Foreigners and institutions bought a net 35.8 billion KRW and 132.5 billion KRW, respectively.

Among the top 10 stocks by market capitalization, all showed strong gains. In particular, L&F rose 9.17%, followed by Cheonbo (5.94%), Wemade (5.72%), EcoPro BM (4.83%), and Seegene (3.84%).

Kim Seok-hwan, a researcher at Mirae Asset Securities, said, "The market was relieved by Federal Reserve Chairman Powell's remarks that the pace of monetary tightening would not proceed rapidly," adding, "In the domestic market, the KOSDAQ, which had experienced a large decline, showed a rebound in IT components and digital sectors, demonstrating a stronger rise compared to the KOSPI."