KOSPI Rises 0.47% Supported by Foreign Buying... Settles in 2480 Range

[Asia Economy Reporter Son Sunhee] The KOSPI index continued its upward trend, supported by foreign buying, settling in the 2480 range.

According to the Korea Exchange on the 3rd, the KOSPI index closed at 2480.40, up 11.52 points (0.47%) from the previous session. Earlier in the day, it showed mixed movements around 2470 but showed a clear upward trend in the afternoon.

The rise in the KOSPI was driven by foreign investors. Looking at trading trends by investor type, foreigners net purchased 585.7 billion KRW in the securities market. In contrast, individuals and institutions net sold 414.4 billion KRW and 194.9 billion KRW, respectively.

By sector, the service industry saw the largest increase at 2.51%. This was followed by medical precision (1.97%), transportation equipment (1.63%), food and beverage (1.21%), and non-metallic minerals (1.15%). On the other hand, the securities sector, which had seen significant gains since the new year, fell by 0.56% due to profit-taking. Steel and metals (-0.53%), telecommunications (-0.28%), and pharmaceuticals (-0.23%) also underperformed.

Among the top 10 companies by market capitalization on the KOSPI, Samsung Electronics (0.47%), LG Energy Solution (0.38%), and Hyundai Motor (1.71%) rose. Notably, NAVER and Kakao showed strong gains of 5.67% and 4.19%, respectively. Earlier, NAVER announced that its consolidated sales for Q4 last year reached 2.2717 trillion KRW, with an operating profit of 336.5 billion KRW. The annual sales exceeding 8 trillion KRW, marking the highest sales since its founding, appeared to have a positive impact on the stock price.

Additionally, the previous day, the U.S. Federal Reserve (Fed) implemented a 0.25 percentage point increase in the benchmark interest rate, a 'baby step.' Immediately after, Fed Chair Jerome Powell mentioned 'disinflation' several times during a press conference, increasing expectations that the rate hike cycle is nearing its end. This contributed positively to a sharp rise in growth stocks.

On the same day, the KOSDAQ index also closed up 2.17 points (0.28%) at 766.79. Individuals and foreigners net purchased 53.3 billion KRW and 5.8 billion KRW, respectively, while institutions net sold 44.8 billion KRW. Ecopro announced that it recorded its highest-ever annual sales last year, surpassing 5 trillion KRW for the first time, and its stock price rose 5.04% to close at 6,600 KRW.

Meanwhile, in the Seoul foreign exchange market, the won-dollar exchange rate closed at 1,229.4 KRW, up 9.1 KRW from the previous day's closing price.