On the 11th, the KOSPI opened sharply higher influenced by the surge in the New York stock market, shown here at the Hana Bank dealing room in Jung-gu, Seoul. On that day, the KOSPI opened at 2466.90, up 64.67 points (2.69%) from the previous trading day. The won-dollar exchange rate started at 1347.5 won, down 30.0 won from the previous trading day. Photo by Kim Hyun-min kimhyun81@
[Asia Economy Reporter Junho Hwang] On the morning of the 23rd, the stock market maintained an upward trend as expectations grew for the rise of the US stock market, the easing of China's COVID-19 quarantine measures, and the lifting of the Hanhanryeong (Korean Wave ban) restrictions.
As of 11:14 AM, the KOSPI recorded 2410.07, up 4.80 points (0.20%) from the previous day. The index is on an upward curve due to the combined net buying by individual investors (30.4 billion KRW) and foreign investors (17.9 billion KRW). Institutions showed a net selling intention of about 61.8 billion KRW.
Among all stocks, 598 stocks rose. The upward trend is more pronounced in small-cap stocks (0.76%) than in large-cap stocks (0.10%). Except for LG Energy Solution (-2.45%) and Samsung Biologics (-0.68%), the top market capitalization stocks are all showing an upward trend.
Samsung Electronics, the unwavering market leader, recorded 60,800 KRW, up 0.33%, and SK Hynix is also rising by about 0.12%. The easing of concerns about economic slowdown and the Philadelphia Semiconductor Index's rise of over 3% in the US are analyzed to have increased expectations.
By industry, non-metallic minerals, construction, and transportation equipment are recording relatively large gains compared to other sectors. However, since the rise does not exceed 1%, it appears that there is no significant inflow of funds.
At the same time, the KOSDAQ is showing a higher rise than the KOSPI. It recorded 722.78, up about 1.48% from the previous session. While foreigners and institutions show net buying intentions of 60.1 billion KRW and 18.9 billion KRW respectively, individuals show a net selling intention of 69.6 billion KRW, which is expanding the index's gains.
Among all stocks, 1,110 stocks are recording gains. Clear upward trends are also observed by sector. Entertainment, other manufacturing, and broadcasting services are rising more than 5%, while telecommunications, broadcasting, digital, and IT software are also showing gains in the 4% range.
Among the top market capitalization stocks, Studio Dragon (9.39%), Pearl Abyss (4.80%), and Kakao Games (4.01%) are standing out. This rise is analyzed to be due to expectations that China's 'Hanhanryeong' measures will be eased or lifted. Last month, director Hong Sang-soo's film Gangbyeon Hotel (2018) began to be serviced under the title Jiangbian Luguan (江邊旅館) through China's largest OTT platform, Tencent Spin, which has raised expectations for the expansion of Korean content's entry into the Chinese market, driving stock prices upward.
Meanwhile, the won-dollar exchange rate recorded 1352.20 won, down 0.32% from the previous session.
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