[Asia Economy Reporter Kwon Jae-hee] The KOSPI index, which started the session flat, closed higher for the fifth consecutive day, recovering the 2500 level for the first time in over two months.
On the 9th, the KOSPI index closed at 2503.46, up 0.42% (10.36 points) from the previous trading day. This is the first time since June 13 (2504.51) that the KOSPI has closed above 2500.
On the day, the index opened at 2493.57, up 0.02% (0.47 points) from the previous day, dropped to 2481.36 at one point during the session, but then turned upward due to buying pressure from foreigners and institutions.
Although semiconductor-related stocks weakened due to a downward revision in Nvidia's earnings forecast, the passage of the Inflation Reduction Act in the U.S. on the 7th (local time) led to foreign buying inflows centered on the secondary battery sector, driving the index higher.
By investor type, individual investors sold stocks worth 158.4 billion KRW, while foreigners and institutions bought stocks worth 13.9 billion KRW and 139.7 billion KRW respectively, supporting the index.
The won-dollar exchange rate closed at 1,304.6 KRW per dollar, down 1.8 KRW from the previous day's close.
Lee Kyung-min, a researcher at Daishin Securities, explained, "Due to the impact of Nvidia's earnings, semiconductor stock prices faced downward pressure, causing the KOSPI to show unstable fluctuations early in the session, but it reversed to an upward trend as foreigners and institutions switched to net buying during the session. Related stocks recorded clear strength amid expectations of benefits to the secondary battery industry from the U.S. Inflation Reduction Act."
By sector, CJ CheilJedang, which posted strong second-quarter earnings, rose over 8%, leading the food and beverage sector (3.27%) to show notable strength. This was followed by non-metallic minerals (3.16%), medical precision (2.33%), services (1.75%), steel and metals (1.63%), and machinery (1.47%), with most sectors showing gains. Conversely, transportation equipment (-0.70%), electrical and electronics (-0.31%), and paper and wood (-0.05%) recorded declines.
Among the top 10 market capitalization stocks, semiconductor stocks such as Samsung Electronics (-1.32%), SK Hynix (-1.25%), Samsung Electronics Preferred (-0.18%), and Hyundai Motor (-1.28%) declined, while LG Energy Solution (2.35%), Samsung Biologics (0.22%), LG Chem (2.91%), NAVER (2.51%), Samsung SDI (3.02%), and Kakao (1.46%) posted gains.
The KOSDAQ index closed at 833.65, up 0.34% (2.79 points). The index opened at 831.13, up 0.03% (0.27 points) from the previous day, dropped to 826.45 at one point during the session, but recovered.
In the KOSDAQ market, individual investors were net buyers of 54.7 billion KRW, while foreigners and institutions were net sellers of 23.1 billion KRW and 23.9 billion KRW respectively.
By sector, transportation equipment parts (1.92%), entertainment and culture (1.76%), broadcasting services (1.52%), distribution (1.42%), general electrical and electronics (1.24%), and digital content (1.20%) recorded gains. Meanwhile, semiconductors (-1.51%), telecommunications services (-0.89%), IT hardware (-0.80%), food and tobacco (-0.25%), and IT components (-0.24%) showed declines.
Among the top market capitalization stocks in KOSDAQ, all stocks except L&F (-0.12%) closed higher. These include Celltrion Healthcare (2.34%), EcoPro BM (1.40%), HLB (4.95%), Kakao Games (2.80%), Pearl Abyss (0.49%), Celltrion Pharm (1.12%), Alteogen (2.55%), EcoPro (4.26%), and Chunbo (0.52%).
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