On the first day of the short-selling ban, the KOSPI and KOSDAQ in the domestic stock market are rising by more than 2%. Secondary battery stocks, expected to benefit from the short-selling ban, are soaring.
On the 6th, when the temporary short-selling ban took effect, the KOSPI started with an upward trend, rising more than 50 points immediately after the opening. Photo by Heo Younghan younghan@
As of 9:13 a.m. on the 6th, the KOSPI recorded 2,418.91, up 50.57 points (2.14%) from the previous trading day.
On the 3rd (local time) at the New York Stock Exchange (NYSE), the blue-chip-focused Dow Jones Industrial Average closed at 34,061.32, up 222.24 points (0.66%) from the previous session. The large-cap S&P 500 index closed at 4,358.34, up 40.56 points (0.94%), and the tech-heavy Nasdaq index ended the day at 13,478.28, up 184.09 points (1.38%).
Kim Seok-hwan, a researcher at Mirae Asset Research Institute, explained, "The U.S. stock market closed higher due to the October employment report and a slowdown in the services PMI," adding, "This eased concerns about further Fed tightening and increased downward pressure on the front end of the Treasury yield curve."
By investor type, individual and foreign investors net bought 56.9 billion KRW and 4.7 billion KRW, respectively. Institutions net sold 61.7 billion KRW.
By sector, all sectors except telecommunications, paper and wood, food and beverages, and insurance are rising. Steel and metals are up 4.71%, and chemicals rose 3.01%. Additionally, electrical and electronics, manufacturing, and machinery sectors increased by more than 1%.
Among the top market capitalization stocks, secondary battery stocks are rising strongly. This appears to be influenced by the rise due to the short-selling ban. Lee Dong-geon, a researcher at SK Securities, said, "Currently, the sectors with a high proportion of short selling within the KOSPI 200 and KOSDAQ 150 indices are industrials such as secondary batteries and robotics," adding, "The next highest sectors are pharmaceuticals and bio."
Samsung Electronics traded at 69,800 KRW, up 200 KRW (0.29%) from the previous trading day. POSCO Future M surged 15.43%, and LG Energy Solution also rose 9.45%.
The KOSDAQ recorded 802.36, up 20.31 points (2.60%) from the previous trading day.
By investor type, individuals and institutions net bought 48.8 billion KRW and 4.1 billion KRW, respectively. Conversely, institutions net sold 58 billion KRW.
By sector, general electrical and electronics and finance jumped more than 10%. Chemicals, digital content, machinery equipment, and metals also rose more than 2%. Meanwhile, medical precision instruments, internet, food, beverages and tobacco, and telecommunications services slightly declined.
Among the top market capitalization stocks, EcoPro BM and EcoPro rose 15.00% and 13.81%, respectively. L&F and Rainbow Robotics also jumped 9.35% and 7.11%, respectively.
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