NVIDIA, IRA 'Double Boost' Tailwind... KOSPI Nears 2% Gain
Index Rebounds After 6 Trading Days... Top 10 Market Caps Except Kia All Rise
KOSDAQ Recovers 700 Level Closing Price After 52 Days
The KOSPI finally broke its five-day losing streak and succeeded in rebounding. After dipping on the first trading day of the new year, it recorded a nearly 2% gain the following day, showing a strong performance for the first time in a while.
On the 3rd, the KOSPI closed at 2441.92, up 42.98 points (1.79%) from the previous trading day. Starting at 2402.58, up 3.64 points from the previous day, the KOSPI steadily gained buying momentum after the opening, expanding its gains. In the afternoon, it reached a high of 2454.67 before slightly retreating to close near the 2440 level.
By investor type, foreigners and institutions were net buyers of 222 billion KRW and 113.4 billion KRW, respectively. Foreigners switched from selling to buying after four trading days. Meanwhile, individuals were the sole net sellers, offloading 357.5 billion KRW.
By sector, chemicals rose 4.77%, medical precision 3.30%, electrical and electronics 2.85%, IT services 2.80%, textiles and apparel 2.27%, distribution 2.13%, manufacturing 2.01%, and electricity and gas 1.94%, all outperforming the index's overall gain. Only two sectors declined: transportation parts (-0.57%) and food, beverage, and tobacco (-0.03%).
691 stocks advanced, 206 declined, and 46 closed unchanged. Among the top 10 stocks by market capitalization, all rose except Kia (-0.89%). Thanks to Nvidia's strong performance in the U.S. stock market the previous day and news that Hyundai Motor became eligible for subsidies under the U.S. Inflation Reduction Act (IRA), semiconductors and secondary batteries showed particular strength. SK Hynix rose 6.25%, LG Energy Solution 2.98%, and NAVER 3.97%.
Jomin Kyu, a researcher at Shinhan Investment Corp., said, "Driven by expectations for China's stimulus measures, Chinese-related stocks such as refining, petrochemicals, entertainment, and travel showed strength. Foreigners, who switched to net buying after four trading days, focused their purchases on materials sectors like petrochemicals and secondary batteries. Samsung Electronics, ahead of its preliminary earnings announcement, followed the U.S. AI semiconductor rally, leading the index's rise."
The KOSDAQ index closed at 705.76, up 19.13 points (2.79%) from the previous day. This marks the first time in 52 days since November 12 last year that the KOSDAQ closed above the 700 level.
By investor type, foreigners and institutions bought 143 billion KRW and 76.3 billion KRW, respectively. Meanwhile, individuals were net sellers of 224.7 billion KRW.
1,285 stocks advanced, 344 declined, and 76 closed unchanged. Among the top 10 stocks by market capitalization, all rose except Classys (-0.19%). Six of the top 10 market cap stocks posted gains exceeding 5%, including EcoPro 10.14%, Rainbow Robotics 10.17%, Rigakem Bio 8.55%, Alteogen 6.17%, EcoPro BM 7.11%, and Rino Industrial 5.56%.
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