Despite 'September Stock Market Correction' Concerns, KOSPI Maintains Uptrend at 2360 Level... KOSDAQ at 860

[Asia Economy Reporter Oh Ju-yeon] Despite concerns over a market correction in September due to the resurgence of the novel coronavirus infection (COVID-19) and delays in economic recovery, both the KOSPI and KOSDAQ indices started higher.

On the 2nd, the KOSPI opened at 2,363.43, up 0.59% (13.88 points) from the previous day. Although the upward momentum has somewhat slowed, the index maintained its rising trend, recording 2,357.15, up 0.32% compared to the previous day, as of 10:10 a.m.

Buying pressure from individuals and institutions is driving the index. Individuals and institutions net purchased 27.7 billion KRW and 27.6 billion KRW respectively. Conversely, foreigners net sold 48.3 billion KRW.

By sector, textiles and apparel (1.94%), paper and wood (1.15%), non-metallic minerals (0.76%), and electrical and electronics (1.05%) rose, while food and beverages (-0.14%) and chemicals (-0.04%) declined.

Among the top market capitalization stocks, Samsung Electronics (1.11%), SK Hynix (0.80%), and NAVER (1.54%) rose, while LG Chem (-0.54%) and Samsung Biologics (-1.66%) fell.

The KOSDAQ index recorded 860.43, up 0.83% from the previous day.

In terms of supply and demand, all participants including individuals, foreigners, and institutions showed net buying. Individuals net purchased 2.8 billion KRW, while foreigners and institutions bought 3.8 billion KRW and 4.4 billion KRW respectively.

By sector, manufacturing (0.55%), transportation (1.46%), and IT hardware (1.66%) rose, while food, beverages, and tobacco (-0.60%) and textiles and apparel (-0.20%) declined.

Among the top market capitalization stocks, Celltrion Healthcare (1.22%) and Alteogen (5.33%) rose, while Seegene (-2.04%) fell.

Lee Kyung-min, a researcher at Daishin Securities, said, "If COVID-19 enters a stabilization phase, the Korean economy and financial markets are expected to show rapid resilience. Given Korea’s high external dependence and export sensitivity, and the differentiated trends in domestic consumption, industrial production, and corporate activities, once COVID-19 stabilizes, the Korean stock market is expected to regain its proper position."

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