On the First Trading Day of the New Year, KOSPI and KOSDAQ Start with Gains

[Asia Economy Reporter Minji Lee] The KOSPI and KOSDAQ indices started the first trading day of the new year on the 2nd with gains of around 0.6%. On this day, the market opened at 10 a.m., one hour later than the regular opening time, due to the opening ceremony. The closing time remained the same at 3:30 p.m.

At 10:13 a.m. on the 2nd, the KOSPI stood at 2252.72, up 0.73% (16.32 points) from the previous trading day. The index opened at 2249.95, up 0.61% (13.55 points) from the previous day, and continued to increase its gains.

The rise in the index was driven by individuals and institutions. Individuals purchased stocks worth 39.1 billion KRW, institutions bought 12.2 billion KRW worth, while foreigners sold stocks worth 54.6 billion KRW alone. As the KOSPI approached the historical lower band based on last year's year-end closing price, the incentive for bargain buying increased. Ji-young Han, a researcher at Kiwoom Securities, said, “The trailing PBR (price-to-book ratio) of the KOSPI based on last year's closing price is 0.84, making it highly attractive for entry. Although the release of the December Federal Open Market Committee (FOMC) minutes and the U.S. non-farm payroll employment data are upcoming, there is a possibility of price recovery centered on oversold stocks.”

The top market capitalization stocks are all showing upward trends. Samsung Electronics (0.9%), LG Energy Solution (1.61%), Samsung Biologics (0.73%), SK Hynix (0.93%), LG Chem (0.85%), Samsung SDI (1.69%), Hyundai Motor (3.31%), NAVER (1.13%), Kia (2.87%), and Kakao (0.75%) are in order.

At the same time, the KOSDAQ index stood at 687.21, up 1.17% (7.92 points) from the previous trading day. The index opened at 683.84, up 0.67% (4.55 points) from the previous day, and expanded its gains due to buying by institutions and foreigners. Currently, institutions and foreigners have purchased stocks worth 2.7 billion KRW and 2.5 billion KRW respectively, while individuals sold stocks worth 8.3 billion KRW alone.

Most of the top market capitalization stocks are recording gains. Celltrion Healthcare is up 2.24% at 59,300 KRW, and EcoPro BM (2.71%), Kakao Games (2.24%), L&F (4.5%), Pearl Abyss (1.19%), EcoPro (3.88%), Studio Dragon (2.56%), Celltrion Pharm (0.75%), and JYP Ent. (0.15%) also rose.