Thanks to Foreigners, KOSPI Closes Up Over 0.5% After 6 Trading Days

Cement and Food & Beverage Stocks Lead Gains in Order

[Image source=Yonhap News]

[Asia Economy Reporter Minji Lee] The KOSPI and KOSDAQ indices closed higher. This is attributed to the easing of the strong dollar trend, which increased net buying by foreign investors.

On the 24th, the KOSPI closed at 2447.45, up 0.5% (12.11 points) from the previous trading day. The KOSPI opened at 2446.18, up 0.45% (10.84 points) from the previous day, showed a mid-session decline, but turned upward in the afternoon.

With net buying inflows from foreign investors in both spot and futures markets, the index closed higher for the first time in six trading days. According to investment trends, foreign investors alone purchased stocks worth 150.7 billion KRW, while individuals and institutions sold stocks worth 5.2 billion KRW and 140.9 billion KRW, respectively. Lee Kyung-min, a researcher at Daishin Securities, said, “Due to the overall weak economic indicators in the U.S., some pressure from the strong dollar has eased,” adding, “Foreign investors turned to net buying again, supporting the market’s downside.”

By sector, non-metallic minerals (3.26%), paper and wood products (1.42%), and food and beverages (1.40%) rose the most. In the stock market, Asia Cement (8.6%), Sungshin Cement (5.5%), and Hanil Cement (5.1%) surged significantly. This was due to cement companies announcing plans to further raise cement supply prices following a sharp increase in thermal coal prices. In the food and beverage sector, Nongshim showed a rise of over 6% after announcing price increases for ramen and snacks citing rising costs.

Among the top market capitalization stocks, Samsung Electronics traded at 59,000 KRW, down 0.17% from the previous day. SK Hynix (-0.43%), Samsung Biologics (-0.12%), LG Chem (-0.97%), and Hyundai Motor (-0.53%) also declined, while LG Energy Solution (1.35%), Samsung SDI (0.68%), NAVER (0.21%), and Kakao (0.13%) rose.

On the same day, the KOSDAQ index stood at 793.14, up 1.24% (9.72 points) from the previous day. The KOSDAQ opened at 788.36, up 0.63% (4.94 points) from the previous day. In the market, individuals and institutions bought stocks worth 2 billion KRW and 30.5 billion KRW, respectively, while foreign investors sold stocks worth 20.1 billion KRW alone.

Most of the top market capitalization stocks in the KOSDAQ market rose. Celltrion Healthcare (0.70%), EcoPro BM (3.41%), L&F (0.61%), HLB (4.37%), Pearl Abyss (0.36%), Celltrion Pharm (0.64%), Alteogen (4.22%), EcoPro (-1.45%), and Studio Dragon (3.03%) moved higher. Kakao Games fell 1.13%.