"Positive Investor Sentiment Amid US Stock Market Rise"
Secondary Battery Stocks Up Ahead of Tesla Investor Day
The KOSPI index closed slightly higher due to institutional buying.
On the 28th, the KOSPI index closed at 2412.85, up 10.21 points (0.42%) from the previous trading day. The index started at 2417.58, up 14.94 points (0.62%), then increased further to surpass the 2430 level. However, it gave back some gains and closed around the 2410 level. Individuals and foreigners sold net amounts worth approximately 140.4 billion KRW and 285.8 billion KRW respectively, while institutions were the sole net buyers with about 404.6 billion KRW.
Among the top market capitalization stocks, LG Chem recorded the largest gain, rising 3.50%. With the Investor Day announcement scheduled for the 1st of next month, Tesla's stock price surged over 5%, highlighting the strength in secondary battery stocks. LG Energy Solution rose 2.95% that day. Following were Samsung SDI (2.65%), Hyundai Motor (1.73%), Kakao (0.81%), Samsung Biologics (0.39%), NAVER (0.24%), and Samsung Electronics (0.17%). On the other hand, Kia (-0.92%) and SK Hynix (-0.67%) declined.
By sector, securities (1.59%), telecommunications (1.27%), finance (0.97%), chemicals (0.87%), paper & wood (0.71%), and electrical & electronics (0.70%) showed strength. Conversely, construction (-1.37%), medical precision (-1.11%), steel & metals (-0.99%), transportation & warehousing (-0.89%), textiles & apparel (-0.86%), and food & beverage (-0.77%) sectors declined.
Kim Seok-hwan, a researcher at Mirae Asset Securities, explained, "The previous day’s U.S. stock market rose due to rebound buying and interest rate declines, positively influencing domestic market sentiment. However, in the afternoon, foreign investors switched to selling in the KOSPI, and the USD/KRW exchange rate, after opening down more than 5 won, returned to the 1320 won level during the session, reducing some of the index’s gains."
That day, the USD/KRW exchange rate closed at 1322.6 won, down 0.4 won from the previous day. After a sharp 18.2 won surge due to inflation concerns the day before, it showed a pause.
The KOSDAQ index also closed higher that day, finishing at 791.60, up 11.30 points (1.45%) from the previous day. Individuals and institutions sold net amounts worth approximately 124.8 billion KRW and 52.1 billion KRW respectively, while foreigners were net buyers with about 62.4 billion KRW.
Among the top market capitalization stocks, L&F, which announced a supply contract for anode materials with Tesla, rose 8.94%. Cheonbo also rose more than 7%. Following were SM (6.07%), Kakao Games (5.13%), JYP Ent. (3.42%), EcoPro (1.96%), Pearl Abyss (0.90%), and Celltrion Healthcare (0.18%). EcoPro BM (-0.30%) and HLB (-0.15%) declined.
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