'Attack on KOSPI' Just 10 Points to 3300... Surpassed 3290 Intraday

On the 23rd, buoyed by the positive momentum in the US stock market, the KOSPI index showed an early rise. Dealers are working in the Hana Bank dealing room in Euljiro, Seoul. Photo by Moon Honam munonam@

[Asia Economy Reporter Lee Seon-ae] It is truly a rally for the KOSPI. On the 24th, the KOSPI broke through the 3290 level in the morning as it set a new intraday all-time high. The 3300 level, which many securities firms predicted as the lower bound of the KOSPI's expected range for the second half of the year, was not far away.

On this day, the KOSPI opened at 3,281.47, up 5.28 points (0.16%), and continued to widen its gains throughout the session. At 10:46 a.m., it rose to 3,291.81. This surpassed the previous intraday all-time high of 3,281.96 recorded on the 16th, breaking the record in just eight days. The KOSDAQ opened at 1,017.11, up 0.65 points (0.06%).

As of 10:50 a.m., the KOSPI stood at 3,287.89, and the KOSDAQ at 1,012.54.

Only individual investors are recording net purchases alone in both markets. Individuals have a net buying advantage of 67.6 billion KRW in the KOSPI market and 241.3 billion KRW in the KOSDAQ market. Conversely, foreigners are net sellers in both markets, with net sales of 97.6 billion KRW and 179.3 billion KRW, respectively. Institutions are net buyers of 39.1 billion KRW in the KOSPI market but are net sellers of about 55.1 billion KRW in the KOSDAQ market.

Han Ji-young and Kim Se-heon, researchers at Kiwoom Securities, stated, "The Korean stock market is expected to show a firm and slightly positive trend as it digests hawkish remarks from some Federal Reserve officials amid expectations of strong exports due to favorable manufacturing conditions in advanced countries." They added, "The June manufacturing PMI for the U.S. and Europe, which was expected to peak out, showed strength, reaffirming that the economic momentum of advanced countries has not weakened and is expected to extend the improvement in Korea's export performance."

They continued, "Although macroeconomic uncertainties still persist, there is a high possibility of profit-taking from some mega-cap growth stocks such as Kakao and Naver, which have recently experienced short-term sharp rises. However, considering that sector rotation continues, the downside of the index is expected to remain firm."

Seo Sang-young, a researcher at Mirae Asset Securities, forecasted, "After a flat start, the Korean stock market will once again challenge new all-time highs, led by financial stocks and other cyclical stocks, despite hawkish remarks from Federal Reserve officials."

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