KOSPI Ends Higher on Foreign and Individual Buying... Firm Close at 2493 Level (Comprehensive)

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[Asia Economy Reporter Kwon Jae-hee] On the 8th, the KOSPI index, which started the day lower, successfully reversed to an upward trend in the afternoon session as foreign investors' buying momentum flowed in.

On that day, the KOSPI index closed at 2493.10, up 0.09% (2.30 points) from the previous trading day. The index opened at 2481.17, down 0.39% (9.63 points) from the previous day, and fell to 2477.76 in the early session before turning upward in the afternoon.

The driving force behind the index was foreign investors' buying. According to investment trends, individuals and foreigners bought stocks worth 80.8 billion KRW and 173.2 billion KRW respectively, offsetting the net selling volume of 296.4 billion KRW by institutions.

The won-dollar exchange rate closed at 1306.4 won, up 8.1 won from the previous day, re-entering the 1300 won range.

Kim Seok-hwan, a researcher at Mirae Asset Securities, explained, "Despite the weak won, the expansion of foreign investors' buying momentum led the KOSPI to attempt an upward reversal. Expectations for the US Inflation Reduction Act were factored in, but concerns over poor earnings caused semiconductor stocks to weaken, limiting the index's gains."

By sector, non-metallic minerals (2.44%), steel and metals (1.80%), food and beverages (1.62%), machinery (1.60%), transportation equipment (1.49%), and distribution (1.25%) recorded gains. Conversely, medical precision (-1.80%), textiles and apparel (-1.42%), transportation and warehousing (-1.33%), electrical and electronics (-0.89%), and services (-0.49%) declined.

Among the top 10 market capitalization stocks, Samsung Electronics (-1.14%), SK Hynix (-2.23%), Samsung Electronics Preferred (-1.77%), NAVER (-3.18%), and Samsung SDI (-0.17%) showed declines, while LG Energy Solution (0.22%), Samsung Biologics (0.56%), LG Chem (1.56%), Hyundai Motor (0.77%), and Kakao (0.99%) posted gains.

The KOSDAQ index closed at 830.86, down 0.09% (0.78 points). The index opened at 829.77, down 0.22% (1.87 points) from the previous day.

Looking at investor trends, individuals were the sole net buyers with 119.7 billion KRW, while foreigners and institutions were net sellers of 45.4 billion KRW and 60.8 billion KRW respectively.

By sector, telecommunications services (10.11%) showed a significant rise, followed by broadcasting and telecommunications services (3.57%), entertainment and culture (1.52%), distribution (1.07%), metals (1.07%), construction (0.89%), and machinery and equipment (0.75%). On the other hand, food and beverages (-1.48%), other manufacturing (-1.24%), general electrical and electronics (-0.94%), publishing and media (-0.89%), semiconductors (-0.88%), and software (-0.59%) declined.

Among the top KOSDAQ market cap stocks, Celltrion Healthcare (1.99%), L&F (0.41%), Pearl Abyss (2.18%), Celltrion Pharm (1.48%), Alteogen (0.54%), EcoPro (0.17%), and Cheonbo (0.56%) rose, while EcoPro BM (-1.94%), HLB (-0.32%), and Kakao Games (-0.52%) fell.

Lee Kyung-min, a researcher at Daishin Securities, said, "Last week, the US stock market fell after the employment data release but recovered much of the intraday losses, and a similar pattern appeared in the Asian markets today. Although the burden of monetary policy has increased somewhat, concerns about a recession have somewhat eased, leading to stabilization."