KOSPI Rises Over 1% Led by Foreigners and Institutions... KOSDAQ Up 3%

"Concerns Over US-China Trade Friction Ease, China's Caixin Manufacturing PMI Exceeds Expectations"
Celltrion Trio Surges on Successful COVID-19 Treatment Trial News

[Asia Economy Reporter Minji Lee] The KOSPI closed up over 1% due to simultaneous buying by foreigners and institutions. The KOSDAQ rose over 3%, reclaiming the 730 level.

[Image source=Yonhap News]

On the 1st, the KOSPI ended the session at 2065.08, up 1.75% (35.48 points) from the previous close. The index opened at 2037.04, up 0.37% (7.44 points) from the previous close, and maintained an upward trend throughout the day.

In the market, foreigners and institutions bought stocks worth 110.3 billion KRW and 326.2 billion KRW respectively. Individuals sold stocks worth 447.3 billion KRW alone.

The rise in the KOSPI was mainly due to eased concerns over friction between the US and China. The market expected that President Trump, facing re-election amid violent protests in the US and declining approval ratings due to COVID-19, would avoid rash decisions. The Caixin Manufacturing PMI of China exceeding expectations also had a positive impact.

Sangyoung Seo, a researcher at Kiwoom Securities, explained, “As concerns over the US-China trade war diminished, foreigners continued net buying in futures and spot markets. News about the economic policy direction for the second half of the year, including tax reforms such as the reduction of securities transaction tax, positively influenced investor sentiment.”

By sector, securities (3.07%), non-metallic minerals (3.07%), telecommunications (2.98%), and pharmaceuticals (2.79%) rose.

All of the top market capitalization stocks rose that day. Samsung Electronics (0.99%), SK Hynix (2.55%), Samsung Biologics (1.13%), Naver (4.87%), Celltrion (6.56%), LG Chem (1.41%), Samsung SDI (1.95%), Kakao (0.19%), and Hyundai Motor (2.04%) all increased from the previous close.

The KOSDAQ index closed at 735.72, up 3.09% (22.04 points) from the previous close. The index started the day at 716.96, up 0.46% (3.28 points), and quickly rose above the 730 level.

In the market, foreigners and institutions bought stocks worth 54.2 billion KRW and 19.3 billion KRW respectively, while individuals sold stocks worth 58.9 billion KRW.

By sector, transportation equipment (6.03%), pharmaceuticals (5.35%), publishing and media (4.27%), and non-metallic minerals (4.11%) rose.

Among the top market capitalization stocks, Celltrion Healthcare (3.63%), HL Biopharma (9.89%), Celltrion Pharm (23.23%), Alteogen (6.16%), Pearl Abyss (0.44%), and KMW (2.57%) rose.

All three Celltrion companies showed an upward trend that day. This was because Celltrion announced that it confirmed a clear improvement effect in animal efficacy tests for the development of a COVID-19 antibody treatment. The company explained that in the first stage of this test, the virus count decreased by more than 100 times.

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