KOSPI Ends Up 0.3% Amid Net Selling by Individuals and Foreigners

Impact of Korea-US Summit, Secondary Battery Stocks on the Rise

[Image source=Yonhap News]

[Asia Economy Reporter Minji Lee] The KOSPI closed higher. Although it turned downward during the session, it ended the day on an upward trend thanks to net buying by institutional investors.

On the 23rd, the KOSPI closed at 2,647.38, up 0.31% (8.09 points) from the previous trading day. It opened at 2,651.63, up 0.47% (12.34 points) from the previous day, showed some downward movement but soon closed higher. The increase in net buying by institutions toward the end of the session was effective. On this day, institutions net bought stocks worth 166.4 billion KRW, while individuals and foreigners sold stocks worth 163.2 billion KRW and 28.8 billion KRW, respectively.

By sector, pharmaceuticals (2.15%), transportation and warehousing (1.08%), and insurance (0.66%) showed upward trends. Among pharmaceutical stocks, Pharmicell rose 8.1%. The surge in monkeypox infections drew investor attention to Pharmicell, which is related to smallpox (variola) treatment. In the transportation and warehousing sector, HMM (4.9%) closed higher, supported by the rising shipping freight index.

Among the top market capitalization stocks, LG Energy Solution (0.92%), SK Hynix (0.44%), Samsung Biologics (1.36%), NAVER (0.91%), Samsung SDI (0.99%), and Hyundai Motor (0.80%) rose, while Samsung Electronics (-0.15%), LG Chem (-0.37%), and Kakao (-0.12%) declined.

Kim Seok-hwan, a researcher at Mirae Asset Securities, explained, “Concerns about an economic recession and news of a trade deficit this month reduced the intraday gains. However, the announcement of strengthened cooperation in semiconductors and batteries at the Korea-US summit had a positive effect, leading to gains in secondary battery-related stocks.”

The KOSDAQ index closed at 883.59, up 0.42% (3.71 points) from the previous trading day. It started the day at 883.78, up 0.44% (3.90 points), and maintained an upward trend. Looking at investor trends, individuals were the sole net buyers. Individuals purchased stocks worth 131.4 billion KRW, while foreigners and institutions sold stocks worth 63.5 billion KRW and 40.5 billion KRW, respectively.

By sector, digital content (2.12%), pharmaceuticals (1.96%), and medical precision instruments (1.78%) showed the largest gains. In the digital content sector, the rise of Wemade Max (24%), Wemade Play (10%), and Wemade (7.52%) was significant. It is analyzed that the rebound of Wemix, a cryptocurrency created by Wemade, in the virtual currency market the previous day influenced this trend.

Among the top market capitalization stocks, EcoPro BM (0.61%), L&F (1.17%), Celltrion Healthcare (2.26%), Pearl Abyss (1.16%), and Celltrion Pharm (2.61%) rose, while HLB (-5.50%), Kakao Games (-0.17%), Chunbo (-0.99%), and Rino Industries (-0.24%) declined.