"Thank You Powell" KOSPI Rises About 0.8% in Early Trading Session

[Asia Economy Reporter Minji Lee] Riding on the strong performance of the U.S. stock market, the KOSPI and KOSDAQ indices are showing an upward trend in early trading.

[Image source=Yonhap News]

At 9:16 a.m. on the 8th, the KOSPI stood at 2471.68, up 0.81% (19.97 points) from the previous trading day. The index opened at 2469.42, up 0.72% (17.71 points) from the previous day, and has continued its upward momentum.

The KOSPI is maintaining its rise influenced by the U.S. stock market's positive reaction to Federal Reserve (Fed) Chair Jerome Powell's remarks. Attention was focused on Powell's statement that, although he is concerned about January employment figures, he maintains the assessment of disinflation.

Han Ji-young, a researcher at Kiwoom Securities, said, "The U.S. stock market showed an upward trend as Chair Powell, despite considering revising the short-term outlook due to the January employment surprise, maintained the medium-term outlook. Today, the KOSPI is expected to show a steady price trend as foreign investors continue net buying in individual themes and digest the earnings results of major companies."

Regarding investment trends, foreign investors and individuals bought stocks worth 41.7 billion KRW and 37.5 billion KRW respectively, while institutions sold stocks worth 81.1 billion KRW alone.

Top market capitalization stocks are all on the rise. These include Samsung Electronics (1.13%), LG Energy Solution (1.11%), SK Hynix (1.32%), Samsung Biologics (0.25%), Samsung SDI (0.84%), LG Chem (0.59%), NAVER (3.87%), Hyundai Motor (0.35%), and Kakao (2.35%).

The KOSDAQ index is also showing a strong upward trend. The index stands at 777.44, up 0.7% (4.65 points) from the previous trading day. In terms of investment trends, individuals alone bought stocks worth 61 billion KRW, while foreign investors and institutions sold stocks worth 52.7 billion KRW and 7.2 billion KRW respectively.

Most of the top market capitalization stocks are also rising. These include EcoPro BM (1.89%), Celltrion Healthcare (1.17%), L&F (1.36%), EcoPro (4.52%), Kakao Games (1.16%), Pearl Abyss (2.25%), Rino Industrial (0.59%), and JYP Ent. (0.56%).