On August 22, the domestic stock market closed higher across the board. This is attributed to increased bargain hunting sentiment amid caution ahead of the Jackson Hole symposium.
On this day, the KOSPI finished at 3,168.73, up 26.99 points (0.86%) from the previous session. The index opened at 3,165.41, up 23.67 points (0.75%) from the previous close, and after reaching as high as 3,181.95 at one point, it pared some of its gains.
Despite heightened caution ahead of the Jackson Hole Economic Policy Symposium, which will be held in the United States for three days starting tonight, bargain buying and expectations for the South Korea-U.S. summit supported the index.
In the KOSPI market, foreign investors and institutions bought a net 180.7 billion won and 159 billion won, respectively, while individuals sold a net 458.4 billion won. In the KOSPI 200 futures market, foreign investors and individuals bought a net 291.9 billion won and 41.2 billion won, respectively, while institutions were net sellers of 333.9 billion won.
Shares related to the so-called "Jobangwon" (shipbuilding, defense, and nuclear power) sectors rose on news that a large number of business leaders would accompany the South Korea-U.S. summit. LIG Nex1 (5.75%), Hanwha Aerospace (6.83%), Hyundai Engineering & Construction (2.29%), Hanwha Ocean (2.33%), Woojin (2.50%), Doosan Enerbility (1.14%), and HD Hyundai Heavy Industries (2.33%) all saw gains.
Among large-cap stocks, Samsung Biologics (1.28%) and Kia (0.87%) rose, while LG Energy Solution (-1.34%), Hyundai Motor (-0.68%), and KB Financial Group (-1.19%) declined.
By sector, metals (1.35%), electrical and electronics (1.30%), electricity and gas (0.86%), construction (0.85%), distribution (1.25%), and securities (0.40%) rose, while textiles and apparel (-0.37%), chemicals (-0.51%), medical and precision equipment (-1.13%), and transportation and storage (-0.45%) fell.
Lee Kyungmin, a researcher at Daishin Securities, commented, "Reflecting the cautious sentiment in advance, the KOSPI briefly dropped below the 3,100 mark this week, but intraday buying by foreign investors and institutions pushed it up to the 3,180 level. Expectations for the South Korea-U.S. summit are also providing support for the KOSPI."
On the same day, the KOSDAQ closed at 782.51, up 5.27 points (0.68%). The index opened at 778.77, up 1.53 points (0.20%) from the previous session, and continued to rise.
In the KOSDAQ market, foreign investors were net buyers of 44 billion won, while individuals and institutions sold 28.6 billion won and 7.2 billion won, respectively.
Among the top KOSDAQ stocks by market capitalization, Alteogen (4.07%) and PharmaResearch (2.94%) were strong, while Ecopro BM (-1.23%), Peptron (-2.02%), and Ecopro (-1.10%) closed weaker.
On this day, the trading value was tallied at 8.2125 trillion won for the KOSPI and 4.5757 trillion won for the KOSDAQ. The pre-market and regular market trading value on the alternative exchange NextTrade was 4.6565 trillion won.
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