KOSPI Starts Higher on Institutional and Foreign Buying Pressure

[Image source=Yonhap News]

[Asia Economy Reporter Park Jihwan] On the 8th, the KOSPI opened higher, supported by buying from institutions and foreigners. This is interpreted as a result of the positive influence from the U.S. New York stock market's rally centered on tech stocks, which has turned upward this year.

At 9:09 a.m. that day, the KOSPI was at 1946.10, up 0.91% (17.49 points) from the previous session.

By investor type, individuals sold stocks worth 11.4 billion KRW. In contrast, foreigners and institutions were net buyers of 5.1 billion KRW and 5.3 billion KRW, respectively.

The upward trend in global stock markets is seen as a positive signal for the domestic market as well. On the 7th (local time), the Nasdaq index fully recovered its losses for the year and reversed to an upward trend. The Nasdaq closed at 8,979.66, up 125.27 points (1.41%) from the previous session. The Nasdaq has fully recovered losses caused by COVID-19 and achieved a 0.1% gain for the year.

By sector in the KOSPI, most sectors rose, including Chemicals (0.51%), Machinery (0.58%), Food and Beverages (0.85%), and Pharmaceuticals (1.65%).

Among the top market capitalization stocks, LG Chem fell 0.99%. Samsung Electronics (0.82%), SK Hynix (1.46%), Samsung Biologics (2.82%), and Celltrion (0.74%) rose.

Seo Sangyoung, a researcher at Kiwoom Securities, said, "The U.S. stock market showed a tendency to give back some gains due to profit-taking at the end of trading for three consecutive days. Overall, the market continues to be strong, but the fact that it shows signs of weakness in sustaining the rally is a burden for the domestic market."

The KOSDAQ also rose 0.92% (6.14 points) to 674.31 compared to the previous session.

Individuals led the index rise with net purchases of 51.3 billion KRW. Foreigners and institutions sold stocks worth 40.1 billion KRW and 7.3 billion KRW, respectively.

By sector, Construction (0.66%), Distribution (1.25%), Transportation (0.56%), and Finance (1.27%) rose.

Among the top market capitalization stocks, Celltrion Healthcare traded at 85,700 KRW, up 1.06% from the previous session. HL Biotech (0.20%) and Pearl Abyss (0.25%) rose, while CJ ENM (-0.57%) and Hugel (-0.16%) declined.

This content was produced with the assistance of AI translation services.