KOSPI Rises on Dual Buying by Institutions and Foreigners

[Asia Economy Reporter Jang Hyowon] The KOSPI index closed higher, supported by net buying from institutions and foreigners.

On the 27th, the KOSPI index closed at 2484.02, up 15.37 points (0.62%) from the previous day. The KOSPI started the day with a 0.24% gain, and net buying by foreigners continued for the 11th consecutive trading day, driving the overall market higher. Additionally, the rise in the New York stock market the previous day, fueled by expectations of a soft landing in the U.S. economic indicators, also contributed to the KOSPI's increase.

[Image source=Yonhap News]

By investor type, institutions and foreigners net bought 226.6 billion KRW and 973.8 billion KRW respectively, while individuals net sold 1.1872 trillion KRW. In program trading, there was a net sale of 5.3 billion KRW in arbitrage trading and a net purchase of 416.2 billion KRW in non-arbitrage trading.

Most sectors rose. Transportation and warehousing increased by 3.01%, medical precision by 1.48%, services by 1.43%, telecommunications by 1.42%, pharmaceuticals by 1.37%, insurance by 1.14%, construction by 1.08%, machinery by 1.04%, and food and beverages by 1.0%. On the other hand, steel and metals fell by 0.22%, and transportation equipment declined by 0.15%.

Top market capitalization stocks showed mixed movements. Samsung Electronics rose 1.1%, Samsung Biologics 1.76%, Samsung SDI 2.23%, NAVER 3.68%, and Kakao 1.57% were strong. Conversely, LG Energy Solution fell 2.13%, SK Hynix -0.87%, Hyundai Motor -0.57%, and Kia -0.87%.

The KOSDAQ index also closed slightly higher. The KOSDAQ index ended the day at 741.25, up 2.31 points (0.31%) from the previous day.

By investor type, foreigners and individuals net bought 3.3 billion KRW and 69.2 billion KRW respectively, while institutions showed a net selling of 58.2 billion KRW.

Among the top market capitalization stocks, EcoPro BM fell 1.04%, HLB -0.32%, and Rino Industrial -1.11% were weak. Meanwhile, Celltrion Healthcare rose 0.51%, L&F 0.48%, Kakao Games 0.43%, Osstem Implant 0.65%, and JYP Entertainment 3.64% showed strength.

Meanwhile, in the Seoul foreign exchange market, the won/dollar exchange rate closed at 1231.3 won, up 0.6 won from the previous day.