KOSPI and KOSDAQ Close Higher on Net Buying by Foreigners and Institutions

KOSPI up 0.35%, KOSDAQ up 1.9%
Battery material sector strong, led by Ecopro

[Asia Economy Reporter Minji Lee] The KOSPI and KOSDAQ indices closed higher. The KOSDAQ index rose nearly 2% as foreign investors focused their investment sentiment mainly on the battery materials sector.

On the 11th, the KOSPI closed at 2,359.33, up 0.35% (8.22 points) from the previous trading day. The KOSPI started the day at 2,364.05, up 0.54% (12.74 points) from the previous day, and maintained its upward trend. In the market that day, foreigners and institutions bought stocks worth 34.8 billion KRW and 172.4 billion KRW respectively. Individuals alone sold stocks worth 205.5 billion KRW.

The KOSPI closed higher influenced by the rise in the U.S. stock market. Despite concerns about an economic recession and rising government bond yields, the U.S. stock market ended the previous day on an upward trend. Kyungmin Lee, a researcher at Daishin Securities, said, "Although Federal Reserve Chairman Jerome Powell stated that to restore price stability, it may be necessary to raise interest rates to slow down the economy, which is an unpopular measure in the short term, the market reaction was rather limited," adding, "Ahead of the CPI announcement, additional stock price gains were limited due to the inflow of caution."

Among the top market capitalization stocks, Samsung Electronics (0.17%), LG Energy Solution (0.21%), SK Hynix (0.92%), Samsung Biologics (0.5%), LG Chem (0.79%), Samsung SDI (1.96%), Hyundai Motor (0.61%), NAVER (1.04%), and Kakao (1.98%) showed upward trends.

On the same day, the KOSDAQ index closed at 709.77, up 1.97% (13.72 points) from the previous trading day. The index started the day at 701.29, up 0.75% (5.24 points) from the previous day, rising nearly 2%. Foreigners and institutions were net buyers, purchasing stocks worth 148.5 billion KRW and 65 billion KRW respectively, while individuals sold stocks worth 203.9 billion KRW.

In the KOSDAQ market, the battery materials sector showed strength. EcoPro BM rose 3.52%, and L&F (2.09%) and EcoPro (6.78%) also increased. For the EcoPro group, expectations for earnings were boosted by news of achieving record export amounts. Additionally, other top market capitalization stocks such as Celltrion Healthcare (2.98%), HLB (2.11%), Kakao Games (0.34%), Pearl Abyss (3.47%), Rino Industrial (0.31%), and Studio Dragon (0.38%) also showed upward trends.