Thanks to foreigners turning into 'Saja', KOSPI rises 0.45%... at 2440 level

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] The KOSPI index is on the rise due to buying pressure from individuals and foreigners.

As of 10:15 a.m. on the 30th, the KOSPI index was recorded at 2444.34, up 10.95 points (0.45%). The index had fallen to 2421.42 earlier in the day, but the increase in foreign net buying expanded the gains. Individuals and foreigners purchased approximately 100 million KRW and 57.6 billion KRW respectively, while institutions sold off about 58.1 billion KRW alone.

Among the top market capitalization stocks, LG Chem rose the most, up 2.52%. This was followed by POSCO Holdings (2.04%), SK Hynix (0.96%), and Samsung SDI (0.84%). LG Energy Solution (-0.53%) and Samsung Biologics (-0.11%) showed declines.

By sector, steel & metals (1.09%), electric & gas utilities (0.92%), transportation equipment (0.87%), construction (0.85%), and securities (0.77%) showed strength. Non-metallic minerals (-1.69%), machinery (-1.03%), medical precision (-0.38%), and food & beverage (-0.16%) were down.

On the 29th (local time), the U.S. stock market closed mixed ahead of economic data releases and Federal Reserve Chairman Jerome Powell’s speech. The Dow Jones Industrial Average rose 3.07 points (0.01%) to 33,852.53, the large-cap S&P 500 index fell 6.31 points (0.16%) to 3,957.63, and the tech-heavy Nasdaq index dropped 65.72 points (0.59%) to 19,983.78.

Expectations of China easing its COVID-19 policies had a positive impact. Seo Sang-young, head of Media Content at Mirae Asset Securities, said, "It is noteworthy that the Chinese government, after market close the previous day, expressed some concerns about COVID policies adversely affecting daily life and industrial activities, while emphasizing communication."

As of 10:20 a.m. on the same day, the KOSDAQ index was declining. It traded at 726.73, down 0.81 points (0.11%) from the previous day. Individuals were net buyers of about 96.7 billion KRW, while foreigners and institutions were net sellers of approximately 75.9 billion KRW and 14.2 billion KRW respectively.

Among the top market capitalization stocks, EcoPro (1.26%), Celltrion Pharm (0.30%), and HLB (0.15%) rose. Conversely, EcoPro BM (-1.63%), Pearl Abyss (-1.48%), and Cheonbo (-1.00%) declined.