KOSPI and KOSDAQ Rise... KOSPI, Institutions Alone 'Buy'

[Image source=Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] On the morning of the 29th, both the KOSPI and KOSDAQ turned to an upward trend.

As of 10:51 AM, the KOSPI is at 2416.57, up 0.34% (8.30 points) compared to the previous day.

Institutions are driving the index with net purchases of 109.8 billion KRW. On the other hand, individuals and foreigners are net sellers of 85.6 billion KRW and 23.2 billion KRW respectively. However, foreigners are buying 358.8 billion KRW in the futures market.

Among the top market capitalization stocks, only Samsung Electronics and POSCO Holdings are unchanged. LG Energy Solution is down 0.18%, LG Chem down 0.56%, and Samsung SDI down 1.24%. Kia is up 1.38%, Hyundai Motor up 0.60%, Naver up 0.55%, and SK Hynix up 0.36%.

As of 11:24 AM, the KOSDAQ is at 723.72, up 0.81% (5.82 points) compared to the previous day. Foreigners and institutions are net buyers of 50 billion KRW and 1.4 billion KRW respectively, while individuals are net sellers of 45.4 billion KRW.

Among the top market capitalization stocks, only HLB is down 1.81% and Rino Industrial is down 0.17%. The rest are all rising.

The domestic equities team at Shinhan Investment Corp. analyzed, "The KOSPI rose slightly due to a preemptive reflection despite China's COVID-19 lockdown measures and hawkish remarks from Federal Reserve officials," adding that "institutions alone showed net buying, while trading volume and investor sentiment have been declining for 12 consecutive trading days."

They continued, "The KOSDAQ started with a gap down due to avoidance sentiment caused by external factors," and explained, "but during the session, foreigners switched to net buying, turning the market to an upward trend."