KOSPI Recovers to 2600 Thanks to Individuals and Institutions

After 11 Trading Days Since the 3rd
KOSDAQ Also Rises

On the 23rd, the KOSPI index recovered to the 2600 level, supported by simultaneous buying from individuals and institutions. This is the first time in 11 trading days since the 3rd.

Due to the impact of the US stock market reaching all-time highs in the Dow and S&P 500 within a day, the KOSPI index opened at 2,603.83, up 23.03 points (0.89%) from the previous trading day, and the won/dollar exchange rate started at 1,327.6 won, down 1.4 won. Dealers are working in the dealing room at the Hana Bank headquarters in Jung-gu, Seoul on the 20th. Photo by Jo Yongjun jun21@

On that day, the KOSPI closed at 2602.01, up 8.64 points (0.33%) from the previous trading day. The index opened at 2596.47, up 3.10 points (0.12%) from the previous session, fluctuated around the 2590 level, and reclaimed the 2600 level just before the market closed. The KOSPI rose for five consecutive trading days through that day.

Individuals and institutions each net bought stocks worth 376.5 billion KRW and 339.9 billion KRW, respectively, defending the index. Foreigners net sold stocks worth 720.7 billion KRW.

By sector, pharmaceuticals (1.85%), food and beverage (1.26%), and textiles and apparel (1.25%) closed higher.

Most of the top market capitalization stocks rose. SK Hynix rose more than 3%, and NAVER (4.25%), Samsung Biologics (3.12%), Samsung Biologics (2.55%), Celltrion (1.74%), and POSCO Holdings (1.20%) also increased. Financial stocks such as KB Financial Group (1.67%) and Shinhan Financial Group (0.54%) also closed higher ahead of the announcement of the 'KRX Korea Value-Up Index.' Samsung Electronics (-0.63%) and Hyundai Motor (-0.60%) fell.

Ji-won Kim, a researcher at KB Securities, analyzed, "The KOSPI recovered to the 2600 level, supported by the strength of semiconductor stocks, but Samsung Electronics limited the upper range of the index by falling for four consecutive trading days due to continued net selling by foreigners. On the other hand, the KOSDAQ, led by the strength of secondary battery stocks, expanded its gains. Amid mixed movements in pharmaceutical and bio stocks, some stocks such as Celltrion, supported by clinical trial result announcements, and HLB, buoyed by expectations for a U.S. Food and Drug Administration (FDA) reexamination, also supported the index's rise."

On that day, the KOSDAQ index closed at 755.12, up 6.79 points (0.91%) from the previous session. The index opened at 749.24, up 0.91 points (0.12%) from the previous trading day.

Individuals and institutions net bought stocks worth 18.4 billion KRW and 48.3 billion KRW, respectively. Foreigners net sold stocks worth 53.9 billion KRW.

Secondary battery stocks such as EcoPro BM (5.35%) and EcoPro (5.08%) rose sharply, and Samchundang Pharm (3.45%), HLB (1.67%), Enchem (2.57%), and Celltrion Pharm (1.14%) also closed higher. On the other hand, Alteogen fell more than 3%, and Classys (-1.08%) and Hugel (-1.87%) also declined.