KOSPI Opens Higher at 2,930, Then Turns Lower
Profit-Taking Pressures Weigh on Market
On the 13th, after seven consecutive trading days of gains, the KOSPI index paused for a breather. Both the KOSPI and KOSDAQ started the session lower as investors rushed to realize profits.
As of 9:20 a.m. on this day, the KOSPI index was trading at 2,899.80, down 20.23 points (-0.69%) from the previous trading day. The index had opened at 2,930.57, up 0.36% from the previous session.
On the 13th, when the KOSPI started on an upward trend, the KOSPI index was displayed on the status board of Hana Bank dealing room in Jung-gu, Seoul. Photo by Yonhap News
Individuals were net buyers of 324.7 billion won, while foreigners and institutions were net sellers of 26.6 billion won and 306.5 billion won, respectively.
Most of the top market capitalization stocks were declining. Samsung Electronics (-1.01%), Samsung Biologics (-0.78%), LG Energy Solution (-3.62%), Hanwha Aerospace (-0.31%), and Hyundai Motor (-1.59%) were all down. In contrast, SK Hynix (1.06%) and HD Hyundai Heavy Industries (3.10%) were showing relative strength.
By sector, securities were up more than 2%. IT services and electricity & gas were up more than 1%. Machinery & equipment, finance, food & beverages & tobacco, telecommunications, paper & wood, electrical & electronics, non-metallics, real estate, entertainment & culture, and manufacturing were slightly higher. On the other hand, metals, general services, distribution, construction, medical precision, pharmaceuticals, chemicals, and textiles & apparel were slightly lower.
At the same time, the KOSDAQ index was at 782.94, down 6.44 points (0.82%) from the previous day. Individuals were net buyers of 127.7 billion won, while foreigners and institutions were net sellers of 111.4 billion won and 16.1 billion won, respectively.
Among the top market capitalization stocks, most were in the red. Alteogen (-3.78%), Ecopro BM (-3.49%), HLB (-2.25%), Ecopro (-3.01%), PharmaResearch (0.00%), and Rainbow Robotics (-4.15%) were all declining.
By sector, IT services and telecommunications were up more than 1%. Other manufacturing, entertainment & culture, distribution, electrical & electronics, machinery & equipment, textiles & apparel, and publishing & media were slightly higher. Metals, manufacturing, medical precision, paper & wood, transportation equipment, non-metallics, transport & storage, construction, pharmaceuticals, chemicals, food & beverages & tobacco, and general services were slightly lower. Finance was down more than 1%.
In the Seoul foreign exchange market, the won-dollar exchange rate opened at 1,355 won, down 3.7 won from the previous session's closing price.
Kim Ji-won, a researcher at KB Securities, commented, "While the domestic stock market's upward trend is continuing, its momentum is slowing. We expect that, with investor sentiment remaining positive, sector-specific profit-taking will take place."
Lee Sunghoon, a researcher at Kiwoom Securities, said, "Despite the desire for profit-taking following the recent sharp gains, we expect the domestic market's upward trend to continue amid ample liquidity conditions."
He added, "Meanwhile, the dollar index fell to the 97.8 level yesterday, marking its lowest point since 2022. As a result, the won-dollar exchange rate again dropped below the 1,360 won mark, which is expected to stimulate foreign capital inflows. Consequently, we anticipate a rebound in domestic demand stocks that could benefit from the won-dollar exchange rate decline in the early session today."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
