KOSPI Closes Recovering to 2630s... Following Strong Performance of Chinese Stock Market

Tesla Stock Rally in the US Also Acts as a Positive Factor

The KOSPI recovered to the 2630 level on the 24th, influenced by Tesla's stock price rise overnight and the rebound of the Chinese stock market following China's economic stimulus measures.

On this day, the KOSPI closed at 2,631.68, up 29.67 points (1.14%) from the previous session. The index opened at 2,612.45, up 10.44 points (0.40%) from the previous close, briefly falling below the 2600 mark during the session but then increasing its gains in the latter part of the trading day.

By trading participants, institutions net bought 569.6 billion KRW in the KOSPI market. Individuals and foreigners showed net selling of 217.5 billion KRW and 366.9 billion KRW, respectively. Foreigners continued their net selling streak for five consecutive trading days since the 13th.

Kang Jin-hyuk, a researcher at Shinhan Investment Corp., stated, "Domestically, sector rotation occurred with relative strength in healthcare and secondary batteries compared to semiconductors, leading the KOSDAQ to outperform the KOSPI for seven consecutive days." He added, "Tesla's strength overnight due to expectations for third-quarter electric vehicle delivery performance also had an impact."

He further noted, "In the afternoon, the People's Bank of China's 50 basis point reserve requirement ratio cut and the announcement of a 1 trillion yuan (approximately 190 trillion KRW) liquidity supply plan led to a strong performance in the Greater China stock markets." He explained, "This acted favorably domestically as well, giving the KOSPI, which had been trading sideways, upward momentum."

Among the top market capitalization stocks, Samsung Electronics (0.96%) rebounded after five trading days, and semiconductor stocks such as SK Hynix (0.93%) as well as secondary battery stocks including LG Energy Solution (4.03%), POSCO Holdings (1.58%), and Samsung SDI (2.24%) also rose.

By sector, chemicals (3.81%), medical precision instruments (2.12%), and electrical and electronics (1.51%) increased, while electric and gas utilities (-0.54%) and securities (-0.43%) declined.

The KOSDAQ index closed at 767.35, up 12.23 points (1.62%) from the previous session. The index opened at 757.37, up 2.25 points (0.30%) from the previous close, and expanded its gains.

In the KOSDAQ market, foreigners and institutions net bought 90.5 billion KRW and 68.5 billion KRW, respectively, while individuals showed net selling of 151.3 billion KRW.

Secondary battery stocks such as EcoPro BM (6.38%), EcoPro (8.94%), and Enchem (9.20%) rose, along with Alteogen (0.86%) and Lino Industrial (3.97%). Meanwhile, Rigakem Bio (-2.00%), Samchundang Pharm (-2.57%), Hugel (-3.99%), and Silicon2 (-2.27%) declined.