[Asia Economy Reporter Kwon Jaehee] On the 7th, the KOSPI index closed around the 2370 level, rising about 1% thanks to buying pressure from foreigners and institutions.
On that day, the KOSPI closed at 2371.79, up 0.99% (23.36 points) from the previous trading day. The index opened at 2360.22, up 0.50% (11.79 points) from the previous close, and extended its gains during the session.
By investor type, individuals net sold stocks worth 356.6 billion KRW to realize profits. In contrast, foreigners and institutions net bought stocks worth 31.1 billion KRW and 276.7 billion KRW, respectively.
That day, the USD/KRW exchange rate fell below 1400 KRW during the session, contributing to the inflow of foreign buying.
Lee Kyungmin, a researcher at Daishin Securities, analyzed, "Amid continued net buying of futures by foreigners during the session, the expansion of net buying of financial investment spot stocks created a favorable supply-demand environment that led to the KOSPI's rise."
Among the top 10 stocks by market capitalization, all stocks except LG Energy Solution (-0.84%) and NAVER (-2.87%) closed higher.
In particular, supported by the rise in the semiconductor sector in the U.S. stock market, Samsung Electronics (1.35%), SK Hynix (2.37%), and Samsung Electronics Preferred (1.50%) showed strong performance.
Automobile stocks such as Hyundai Motor (3.99%) and Kia (2.76%) also surged significantly on news that a bill proposing to delay the U.S. Inflation Reduction Act (IRA), which provides tax credits only for electric vehicles finally assembled in North America, was introduced in both the U.S. House and Senate.
Additionally, Samsung Biologics (1.38%), Samsung SDI (0.95%), and LG Chem (2.03%) also closed higher.
By sector, steel and metals rose 4.98%, led by strong performances from POSCO Holdings (8.01%) and Hyundai Steel (6.61%).
Following were construction (3.02%), transportation and warehousing (2.50%), medical precision (2.41%), securities (2.29%), chemicals (1.76%), non-metallic minerals (1.68%), transportation equipment (1.23%), manufacturing (1.18%), and machinery (1.02%), showing gains in that order.
The KOSDAQ index also closed at 700.48, up 0.95% (6.59 points) from the previous close, reclaiming the 700 level. This was the first time in four trading days since November 1 (700.05) that the KOSDAQ closed above 700. The KOSDAQ opened at 696.22, up 0.34% (2.33 points) from the previous day.
By investor type, individuals and institutions net sold stocks worth 28.5 billion KRW and 55.4 billion KRW, respectively, while foreigners net bought stocks worth 86.1 billion KRW.
Top market cap stocks showed mixed trends. EcoPro BM (-1.18%), Celltrion Healthcare (-0.15%), L&F (-1.86%), HLB (-0.53%), and Cheonbo (-2.33%) closed lower. Meanwhile, EcoPro (0.80%), Kakao Games (1.03%), Pearl Abyss (2.12%), Celltrion Pharm (0.46%), and Rino Industries (2.67%) closed higher.
By sector, semiconductors (2.95%), other manufacturing (2.81%), non-metallic minerals (2.62%), publishing and reproduction (2.03%), digital content (1.83%), computer services (1.83%), and pharmaceuticals (1.72%) showed strength in that order.
On that day, the trading value on the KOSPI market was 7.9905 trillion KRW, and the trading value on the KOSDAQ market was 4.5883 trillion KRW.
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