FOMC Results Boost KOSPI and KOSDAQ... Youngpoong Paper Hits Lower Limit Again

Securities company app, stock trading scene. Photo by Hyunmin Kim kimhyun81@

On the 2nd, the KOSPI and KOSDAQ opened higher. This was influenced by Federal Reserve Chairman Jerome Powell's less hawkish remarks than expected at the FOMC meeting held on the 1st (local time). As a result, the US stock market also closed higher, and with the dollar and interest rates falling, a favorable environment was formed.

As of 9:32 AM, the KOSPI is trading at 2,338.29, up 1.60% (36.73 points) from the previous day. It started the day at 2,334.96, up 1.45% (33.40 points), and is showing a steady trend.

Foreign investors and institutions are net buying 60.4 billion KRW and 147.7 billion KRW respectively, driving the index up. Individuals alone are net selling 200.2 billion KRW. In the futures market, individuals and foreigners are buying 46.6 billion KRW and 229.6 billion KRW respectively, while only institutions are selling 277.4 billion KRW.

All of the top 10 stocks by market capitalization are on the rise. Notable increases include POSCO Holdings +3.60%, Samsung SDI +3.41%, SK Hynix +2.58%, and LG Chem +2.44%.

On the other hand, Youngpoong Paper has recorded the lower limit price for six consecutive trading days, marking the longest streak since the Korea Exchange expanded the price limit in 2015. After setting a new record for the longest lower limit price stock the previous day, it has plunged again to the lower limit price.

As of 9:37 AM, the KOSDAQ is trading at 760.58, up 2.89% (21.35 points) from the previous day. The KOSDAQ started at 753.37, up 1.91% (14.14 points), and is expanding its gains.

Shortly after the market opened, foreigners showed a selling trend but have now turned to buying. Foreigners and institutions are buying 70 billion KRW and 53.1 billion KRW respectively, lifting the index. Meanwhile, individuals are net selling 125.8 billion KRW.

All of the top 10 stocks by market capitalization are in the 'red zone'. HPSP +7.79%, EcoPro BM +5.20%, L&F +4.25%, Alteogen +3.98%, and POSCO DX +3.59% are showing upward trends.