"US Stock Market Falls but KOSPI Keeps Going".. Rises After Starting Down

On the 28th, the KOSPI index opened at 2,437.57, up 0.91% (22.04 points) from the previous trading day, as dealers were working in the Hana Bank dealing room in Euljiro, Seoul. The won-dollar exchange rate started at 1,306 won, down 7.3 won. Photo by Moon Honam munonam@

[Asia Economy Reporter Junho Hwang] On the 3rd, the KOSPI started lower but quickly turned to an upward trend as foreign investors continued net buying.

On that day, the KOSPI opened at 2438.56, down 1.06 points (0.04%) from the previous session. By 9:20 a.m., it was recording 2443.82, up 0.17%. Notably, all market participants?individuals, foreigners, and institutions?were net buyers in the early session. Each group showed net buying intentions worth approximately 200 million KRW, 300 million KRW, and 600 million KRW respectively. This contrasts with the previous day when institutions dumped a large volume of stocks.

This also differentiates from the previous day’s U.S. stock market, which showed weakness due to hawkish remarks from Federal Reserve officials and disputes between the U.S. and China.

Among all stocks, 428 are rising while 332 are declining. Among the top market capitalization stocks, LG Energy Solution (1.20%), SK Hynix (0.31%), Samsung Biologics (0.69%), Hyundai Motor (0.25%), and Samsung SDI (1.40%) are showing upward trends.

Most sectors are also showing gains. Among them, insurance, services, paper and wood, and pharmaceuticals sectors are rising more sharply compared to others. In the insurance sector, Heungkuk Fire & Marine Insurance and Samsung Fire & Marine Insurance are recording gains in the 1% range.

The KOSDAQ also started at 804.17, down 0.17 points (0.02%), but has rebounded. It is currently at 808.31, up 0.49% from the previous session. This appears to be largely influenced by net buying intentions of 21.3 billion KRW and 4.1 billion KRW from individuals and institutions respectively. Foreigners are currently net sellers with sales amounting to 218.8 billion KRW.

Among all KOSDAQ stocks, 769 are rising while 543 are declining. Most of the top market capitalization stocks are showing gains. Among them, Pearl Abyss jumped 4.39%, and Studio Dragon also rose 2.76%.