KOSPI Rises on Foreign Buying, Approaching '2430 Level'

[Image source=Yonhap News]

[Asia Economy Reporter Ji-hwan Park] The KOSPI started on an upward trend on the 6th. This is interpreted as reflecting the influence of the global stock markets rising amid positive views on the U.S. presidential election results.

As of 9:15 a.m. that day, the KOSPI was trading at 2,429.75, up 15.96 points (0.66%) from the previous day. The index opened at 2,421.79, up 8.00 points (0.33%) from the previous session, maintaining its upward momentum.

The U.S. stock market's continued rise is seen as reflecting the growing likelihood of Democratic candidate Joe Biden's victory in the U.S. presidential election. On the 5th (local time), the New York stock market closed with the Dow Jones Industrial Average up 542.52 points (1.95%) at 28,390.18. The Standard & Poor's (S&P) 500 index rose 67.01 points (1.95%) to 3,510.45. The tech-heavy Nasdaq index surged 300.15 points (2.59%) to close at 11,890.93.

Domestic stock markets also show analysis that the possibility of increased uncertainty is weakening, as some state courts have dismissed lawsuits from the Trump side contesting mail-in ballots. Kiwoom Securities researcher Sang-young Seo evaluated, "Despite President Trump's continued refusal to accept the election results, even if it goes to court, it is a time-limited risk factor, and the fact that some state courts have consecutively dismissed lawsuits from the Trump side weakens the possibility of increased uncertainty, which is positive."

On this day, foreign investors' buying was prominent in the KOSPI market. They led the index rise by net buying 108.5 billion won alone. On the other hand, individuals and institutions net sold 85.1 billion won and 24.8 billion won, respectively.

Among the top market capitalization stocks, all stocks except Samsung Biologics and LG Household & Health Care rose. In particular, LG Chem and Kakao showed strong gains of over 4%.

The KOSDAQ showed a similar trend. The index was trading at 849.02, up 4.22 points (0.50%) from the previous day.

In the KOSDAQ market, individuals net bought 121.3 billion won, while institutions and foreigners net sold 75.9 billion won and 49.2 billion won, respectively.

Among the top 10 market capitalization stocks, all stocks rose except Seegene and HL Biopharma.

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