KOSPI Ends Below 3030 Despite Joint Buying by Individuals and Foreigners... "Focus on Undervalued Earnings Stocks"
[Asia Economy Reporter Ji-hwan Park] On the 29th, despite buying pressure from individual investors and foreigners, the KOSPI closed lower. Experts predict that investors' cautious stance will continue for the time being, resulting in a persistent pattern of rises and falls. They advise focusing on undervalued contact stocks with solid earnings.
On that day, the KOSPI closed at 3,036.04, down 4.97 points (0.16%) from the previous trading day. The index opened at 3,047.71, up 6.70 points (0.22%) from the previous day. It showed a strong trend early in the session, rising to 3,054.21, but after fluctuating between declines and gains, it ultimately closed lower.
By investor type, individuals led the index with net purchases of 662.9 billion KRW. Foreigners also net bought 49.9 billion KRW. In contrast, institutions sold 711.2 billion KRW, pulling the index down.
Among the top market capitalization stocks, SK Hynix (-2.22%), NAVER (-2.87%), and LG Chem (-0.37%) declined. On the other hand, Celltrion rose 5.25% following news of conditional approval for its COVID-19 treatment drug, Regkirona, from the European Medicines Agency (EMA). Samsung Biologics and Samsung Electronics also increased by 3.17% and 0.12%, respectively.
The KOSDAQ closed at 954.1, down 2.60 points (0.27%). The index started the day at 956.88, up 0.02% (0.18 points) from the previous day, continuing a pattern of alternating rises and falls. Foreigners and institutions sold 40.2 billion KRW and 14.1 billion KRW, respectively. Meanwhile, individuals net bought 72.3 billion KRW.
Among the top market capitalization stocks, performances were mixed. Celltrion Healthcare and Celltrion Pharm rose 2.65% and 1.58%, respectively. Conversely, Seegene (-1.53%) and Pearl Abyss (-1.28%) declined.
Experts analyze that the cautious market stance among investors will persist for the time being. Therefore, they advise constructing investment portfolios focusing on contact stocks with strong earnings.
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Jung In-ji, a researcher at Yuanta Securities, explained, "The recent market direction is repeating rises and falls without clear momentum. However, since the market trend is clearly shifting from untact to contact, the safest investment method appears to be focusing on buying stocks among contact sectors that show clear earnings recovery due to the resumption of business activities."
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