KOSPI Breaks Through 2200 Resistance with High Kick... KOSDAQ Also Rises Over 1%

KOSPI Closes Up at 2228.83 Supported by Foreign Buying

[Asia Economy Reporter Oh Ju-yeon] The domestic stock market closed with a rise of over 1%. Following the rise in the New York stock market the previous day due to expectations for the development of a novel coronavirus (COVID-19) vaccine, the domestic market also broke through and settled above the resistance level of the KOSPI 2200 mark.

On the 21st, the KOSPI closed at 2228.83, up 1.39% from the previous trading day. While individual investors sold a net amount of 562.6 billion KRW, foreign investors and institutions led the index's rise by net buying 443.5 billion KRW and 145.6 billion KRW, respectively.

Among the top market capitalization stocks, major semiconductor stocks such as Samsung Electronics (2.03%) and SK Hynix (2.31%) closed higher, and Samsung Biologics (1.49%), NAVER (2.66%), and Kakao (1.94%) also rose. In particular, large technology stocks related to untact (contactless) surged, driving the index, but the pace of increase slowed as profit-taking followed.

Supported by Tesla's strong performance, LG Chem and Samsung SDI stocks also rose. LG Chem closed at 531,000 KRW, up 3.91% from the previous day, and Samsung SDI rose 2.25% to 387,000 KRW.

On the same day, the KOSDAQ index also closed higher at 790.58, up 1.10% from the previous trading day.

Among the top market capitalization stocks, Seegene closed at 188,300 KRW, up 6.05% from the previous day, and HL Biopharma (4.33%), Alteogen (4.94%), and EcoPro BM (0.81%) also rose.

Lee Jae-man, a researcher at Hana Financial Investment, evaluated the day as "full of factors for rise." He analyzed, "The U.S. stock market the previous day showed a rise centered on untact-related stocks, and Tesla's stock price also showed strength amid expectations for passive fund inflows due to the possibility of inclusion in the S&P 500 index," adding, "The Nasdaq index, focused on untact technology stocks, rose 2.5%, leading to a preference for risk assets."

He continued, "Hong Kong (2.4%), Taiwan (1.8%), and Korea (1.4%) outperformed other Asian countries," and explained, "The news that the European Union (EU) agreed on a 750 billion euro economic recovery fund also acted as an additional factor for further stock market gains."

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