US FOMC Uncertainty Resolved... KOSPI Closes Higher
Foreigners and Institutions Jointly Net Buy Worth 620 Billion KRW
[Asia Economy Reporter Minji Lee] The KOSPI closed higher due to net buying by foreigners and institutions. The relief from uncertainty surrounding the March Federal Open Market Committee (FOMC) results appears to have led to the stock market's rise.
On the 18th, the KOSPI ended the session at 3,066.01, up 0.61% (18.51 points) from the previous trading day. The KOSPI opened at 3,054.93, up 0.24% (7.43 points) from the previous day, and maintained its upward trend. In the KOSPI market that day, foreigners and institutions bought stocks worth 482.5 billion KRW and 137.6 billion KRW respectively, driving the KOSPI higher. Individual investors sold stocks worth 620 billion KRW on their own.
Among the top market capitalization stocks, NAVER rose sharply by 5.22% to 403,500 KRW. NAVER showed a significant increase as it received positive outlooks from the securities industry following the announcement of its commerce growth strategy. The market leader Samsung Electronics rose 0.73% to 82,900 KRW, while SK Hynix (1.43%), LG Chem (0.47%), Hyundai Motor (0.86%), and Samsung Biologics (0.42%) also increased.
The KOSDAQ index closed at 949.79, up 0.64% (6.01 points) from the previous trading day. The KOSDAQ index opened at 945.11, up 0.14% (1.33 points) from the previous day, maintaining its upward trend. Regarding investment trends, foreigners and individuals sold stocks worth 1.6 billion KRW and 38.9 billion KRW respectively, while institutions alone bought stocks worth 52.9 billion KRW.
Among the top market capitalization stocks, Celltrion Healthcare (-0.16%), Celltrion Pharm (-0.07%), Pearl Abyss (-1.53%), Seegene (-0.07%), and SK Materials (-1.17%) declined.
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Lee Kyung-min, a researcher at Daishin Securities, explained, “Considering that the economic momentum is strengthening further, the medium- to long-term upward trend is more positive, and the downside of the KOSPI will become more solid. Rather than chasing purchases, a strategy to increase weight by utilizing short-term volatility is necessary.” He added, “Considering that growth expectations that can surpass interest rate and inflation increases remain valid, a period of adaptation to the rising interest rate environment will be needed.”
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