Ahead of Earnings Season, Market Stands Pat... KOSPI Sideways at 3300

KOSDAQ Cruises in the 1010 Range

On the morning of the 28th, the KOSPI, KRW/USD exchange rate, and KOSPI index are displayed in the dealing room of Hana Bank's headquarters in Jung-gu, Seoul. [Image source=Yonhap News]

[Asia Economy Reporter Minwoo Lee] Ahead of the full-scale Q2 earnings announcements in the KOSPI market, a wait-and-see stance continues. Although some profit-taking selling has emerged, rather than the index moving sharply, the atmosphere is expected to focus on selectively identifying stocks with improved earnings for the time being.

As of 11:03 AM on the 28th, the KOSPI recorded 3,297.34, down 0.17% from the previous trading day. After a firm start, it has mostly fluctuated around the 3,300 level.

Sangyoung Seo, a researcher at Mirae Asset Securities, explained, "With expectations related to economic normalization, the 3,300 level was opened, and inflationary pressures were not as significant as expected, so investor sentiment does not seem bad. Now that the earnings season has begun, some stocks are seeing buying interest, while others are experiencing profit-taking following the breakthrough of 3,300, showing differentiation by stock."

By investor type, individuals are the sole buyers. Individuals net purchased 210.2 billion KRW, while foreigners and institutions net sold 40.8 billion KRW and 164 billion KRW, respectively.

The ratio of rising to falling sectors was similar. Paper & wood (1.23%), securities (1.10%), construction (0.96%), and insurance (0.93%) rose, while transportation equipment (-0.86%), machinery (-0.84%), and services (-0.41%) declined.

At the same time, the KOSDAQ recorded 1,017.42, up 0.52% from the previous trading day. After a firm start at 1,013.47, the gains gradually widened.

Unlike the KOSPI market, foreigners and individuals net purchased 6.1 billion KRW and 53.9 billion KRW, respectively. Meanwhile, institutions sold 46.8 billion KRW.

Most sectors showed an upward trend. Textile & apparel (1.68%), pharmaceuticals (1.46%), computer services (1.08%), and other services (1.01%) all rose more than 1%. Broadcasting services (-1.36%), telecommunications broadcasting services (-0.92%), and general electrical & electronics (-0.54%) declined.

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