KOSPI and KOSDAQ Start Higher... Institutions Switch to Buying KOSDAQ

On the 12th, as the KOSPI index started slightly lower due to selling pressure from foreigners and institutions, a dealer at the Hana Bank dealing room in Euljiro, Seoul, is watching news related to the Ukraine situation. Photo by Mun Honam munonam@

[Asia Economy Reporter Hwang Yoon-joo] On the 3rd, the stock market started higher as the two major domestic indices rose, buoyed by the previous trading day’s gains in the three major U.S. indices.

As of 9:12 a.m. that day, the KOSPI was at 2692.40, up 4.95 points (0.18%) from the previous close. Individual investors led the index by buying 120.9 billion KRW worth of stocks. Meanwhile, foreigners and institutions sold a net 23.6 billion KRW and 107.6 billion KRW, respectively.

The number of advancing stocks was 427, while declining stocks totaled 347.

Among the top market capitalization stocks, Samsung Electronics rose 0.15%, LG Energy Solution +0.49%, SK Hynix +0.45%, and Kakao +0.11%. Samsung Biologics and Samsung SDI remained flat. On the other hand, Hyundai Motor -0.53%, LG Chem -1.71%, Kia -0.71%, and Naver -0.36%, which had risen in the previous day’s decline, were falling.

By sector, machinery +1.48% and medical precision +1.21% showed notable gains. Conversely, the textile and apparel sector fell the most, down 1.89%. Transportation equipment -0.60%, securities -0.42%, and insurance -0.40% were also declining. The number of declining sectors has been increasing since the market opened.

As of 9:14 a.m., the KOSDAQ was at 908.80, up 6.98 points (0.77%) from the previous day. Individuals and institutions were net buyers of 36.8 billion KRW and 3.4 billion KRW, respectively. Meanwhile, foreigners were the sole net sellers with 36.4 billion KRW. Institutions initially sold after the opening but switched to buying within about 15 minutes.

The number of advancing stocks on the KOSDAQ was 874, more than twice the 400 declining stocks.

Among the top 10 KOSDAQ stocks by market capitalization, 2 to 3 stocks including HLB fell immediately after the opening but are now all showing gains. Battery-related stocks showed prominent upward trends. L&F (+4.21%) had the highest increase. EcoPro BM +2.61%, Chunbo +2.41%, and Kakao +2.20% also showed notable gains.

By sector, only construction -0.19%, food & tobacco -0.16%, and textile & apparel -0.03% were in decline, while all other sectors were rising.