Net Inflow of Foreign and Institutional Buyers
POSCO Holdings and LG Energy Solution Show Joint Strength
KOSDAQ Continues Weakness
The KOSPI continued its rebound for the third consecutive trading day. After breaking through the 2700 level, it successfully held above it for two consecutive days.
On the 22nd, the KOSPI closed at 2707.67, up 6.54 points (0.24%) from the previous session. The index opened at 2710.95, up 9.82 points (0.36%) from the previous close, and fluctuated within a narrow range of about 20 points throughout the day. Around 12:44 PM, it hit a low of 2690.35 but recovered above the 2700 level in the afternoon as buying demand increased.
By investor type, foreigners purchased 64.6 billion KRW and institutions bought 42.3 billion KRW. In contrast, individuals were net sellers with 111.3 billion KRW.
By sector, Steel & Metals rose the most, gaining 2.63%. Services (1.66%), Chemicals (1.33%), Textiles & Apparel (0.79%), Distribution (0.77%), and Pharmaceuticals (0.66%) also outperformed the index's overall gain. Meanwhile, Medical Precision (-2.68%), Machinery (-2.16%), Construction (-1.80%), and Transportation Equipment (-1.77%) were weak.
Out of all stocks, 285 closed higher, 599 lower, and 53 unchanged. Among the top 10 by market capitalization, POSCO Holdings (4.99%) and LG Energy Solution (3.71%) showed strong gains. It was a rare day led by major secondary battery and battery stocks. Samsung Biologics (0.74%), Celltrion (1.35%), and Shinhan Financial Group (0.51%) also closed higher. Samsung Electronics was flat, while SK Hynix fell 0.78% to close lower.
The previous day, the U.S. stock market rose broadly on expectations of a pivot in monetary policy. The minutes from the Federal Open Market Committee (FOMC) July meeting revealed that most members support a rate cut, providing positive sentiment. Upcoming events such as the Jackson Hole meeting on the 23rd and Nvidia's earnings announcement on the 28th are seen as potential turning points.
Lee Jaewon, a researcher at Shinhan Investment Corp., said, "Following the previous day, it was a rotation market amid cautious sentiment. There was rotation buying in oversold sectors (secondary batteries, internet) and continued strength in sectors benefiting from the strong Korean won, such as steel, utilities, and chemicals." He added, "After reviewing the FOMC minutes, the market is confident about a rate cut in September, but doubts remain about the reasons for the cut."
Unlike the KOSPI, the KOSDAQ index closed at 773.47, down 6.40 points (0.82%) from the previous day.
By investor type, individuals were the sole buyers with 181.2 billion KRW. Institutions and foreigners were net sellers with 76.3 billion KRW and 86.4 billion KRW, respectively.
Among the stocks, 365 rose and 1,214 fell, while 88 remained unchanged. Except for EcoPro BM (2.61%), Alteogen (0.17%), and EcoPro (1.36%) among the top market cap stocks, most were weak. Enchem (-2.14%), Ligakem Bio (-2.19%), and Classys (-2.37%) all fell more than 2%.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
