POSCO Holdings and POSCO Future M among Secondary Battery Stocks Rally
KOSDAQ Up 1.11% on Foreign and Institutional Buying Pressure
The KOSPI index rose nearly 1% due to institutional buying.
On the 28th, the KOSPI index closed at 2,543.41, up 24.27 points (0.96%) from the previous trading day. The index opened at 2,534.42, up 15.28 points (0.61%), then dropped to 2,525.64 before expanding its gains. Individuals and foreigners sold net amounts worth approximately 270.6 billion KRW and 13.4 billion KRW respectively, while institutions were the sole net buyers with about 298.7 billion KRW.
Among the top market capitalization stocks, the rise in secondary battery stocks was prominent. POSCO Holdings (2.77%), POSCO Future M (2.05%), LG Energy Solution (1.28%), Naver (NAVER) (1.18%), Samsung SDI (0.67%), and LG Chem (0.54%) rose in that order. Conversely, Samsung Biologics (-0.92%), SK Hynix (-0.52%), Samsung Electronics (-0.45%), and Hyundai Motor (-0.43%) declined.
By industry, construction (3.75%), distribution (3.39%), non-metallic minerals (3.30%), steel & metals (2.74%), and paper & wood (2.73%) showed strong performance. Pharmaceuticals fell by 0.77%.
The KOSDAQ index closed at 909.38, up 10.00 points (1.11%) from the previous trading day. The KOSDAQ index regained the 900 level after two trading days. Individuals sold net amounts worth 101.7 billion KRW alone, while foreigners and institutions simultaneously bought approximately 101.7 billion KRW and 4.9 billion KRW respectively.
Among the top market capitalization stocks, L&F (7.71%), POSCO DX (7.21%), Pearl Abyss (7.01%), SM (5.29%), JYP Ent. (2.98%), EcoPro BM (-0.58%), and HLB (0.52%) rose in that order. Celltrion Pharm (-1.01%) and EcoPro (-0.16%) declined, while Celltrion Healthcare remained flat.
Kim Seok-hwan, a researcher at Mirae Asset Securities, explained, "Both major indices rose as they digested the results of the Jackson Hole meeting," adding, "Jerome Powell, Chairman of the U.S. Federal Reserve (Fed), made remarks that met expectations, and optimism was injected following China's announcement of real estate and stock market stimulus measures over the weekend, leading to synchronized gains across Asian markets."
Earlier, on the 25th (local time), Chairman Powell stated in a speech at Jackson Hole that inflation remains at a high level and that the Fed is prepared for additional interest rate hikes. He assessed that to sustainably reduce inflation to the 2% target, economic growth below trend and easing of labor market overheating are necessary. He also said, "The next rate decision will be based on data," and "We will decide whether to tighten further or hold steady after evaluating the data." Analysts noted that these remarks were not significantly different from previous positions, suggesting a positive impact on the domestic stock market.
Additionally, China's Ministry of Finance announced that from this day forward, the stamp duty on stock transactions will be halved from 0.1%. This is the first reduction in China's stock transaction stamp duty since the financial crisis in 2008.
Meanwhile, the won-dollar exchange rate closed at 1,323.4 won, down 1.8 won from the previous trading day.
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