Unstoppable KOSPI... Surpasses 2400 for the First Time in 2 Years and 2 Months

First Time Since June 2018... Early Market Dual Buying by Foreigners and Individuals

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[Asia Economy Reporter Minwoo Lee] The KOSPI index surpassed 2400 for the first time in 2 years and 2 months. It appears that the combined buying momentum from individual and foreign investors in the early session drove the index.

On the 11th, KOSPI opened at 2396.11, up 0.41% (9.73 points) from the previous day. Later, at 9:11 AM, it recorded 2408.57, setting a new yearly high. This is the first time KOSPI has exceeded 2400 since June 18, 2018.

The combined net buying by foreigners and individuals is interpreted as the driving force behind the index. In the KOSPI market, foreigners and individuals net bought 4.8 billion KRW and 121.6 billion KRW respectively in the early session. Meanwhile, institutions net sold 130.3 billion KRW.

Most sectors showed gains. The electric and gas utilities sector had the largest increase at 5.84%. This was followed by steel and metals (3.77%), chemicals (2.99%), and pharmaceuticals (1.92%). Conversely, transportation equipment (-1.13%), medical precision instruments (-0.69%), and telecommunications (-0.46%) declined.

Among the top 10 companies by market capitalization, LG Household & Health Care showed the largest gain at 5.8%. This was followed by LG Chem (4.5%), Samsung Biologics (3.2%), Samsung Electronics (0.5%), Celltrion (0.4%), and Samsung SDI (0.3%). On the other hand, Hyundai Motor (-1.7%), Kakao (-0.7%), NAVER (-0.4%), and SK Hynix (-0.3%) fell.

The KOSDAQ opened at 863.07, up 0.04% (0.31 points) from the previous session. Later, at 9:15 AM, it slightly dropped to 862.61, showing a near-flat trend.

In the KOSDAQ market, foreigners and institutions showed selling pressure. They net sold 5.5 billion KRW and 16.1 billion KRW respectively, while individuals bought 21.7 billion KRW.

The sectors showed mixed performance. Construction (2.19%), software (1.59%), distribution (0.93%), and computer services (0.83%) rose, whereas medical and precision instruments (-1.67%), information devices (-1.36%), and internet (-1.12%) declined.

Among the top 10 companies by market capitalization, Celltrion Healthcare had the largest gain at 1.6%. This was followed by Genexine (0.8%) and HL Biopharma (0.6%). Conversely, SK Materials (-1.6%) and Alteogen (-0.3%) declined.

Sangyoung Seo, a researcher at Kiwoom Securities, explained, "In the US stock market, some large technology stocks and untact-related stocks that had led the rise are showing a downward trend due to profit-taking sales, while economically sensitive stocks that had been sluggish are rebounding, continuing sector rotation. This will act as a factor increasing profit-taking appetite in the domestic stock market as well."

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