Concerns and Expectations Intersect... Domestic Stock Market Starts Slightly Upward and Maintains 'Uptrend'

[Image source=Yonhap News]

[Asia Economy Reporter Lee Seon-ae] On the 2nd, the domestic stock market started with gains and has maintained its upward momentum.

On this day, the KOSPI opened at 3282.81 (0.02%), up 0.75 points. The KOSDAQ opened at 1036.28 (0.06%), up 0.64 points. As of 10:55 AM, the KOSPI was at 3288.05, up 0.18%, and the KOSDAQ was at 1035.73, up 0.01%.

Individual investors, who recorded net buying in the early session, switched to net selling in the KOSPI market. Currently, they are net selling 89.1 billion KRW in the KOSPI market. In the KOSDAQ market, they are buying about 164.1 billion KRW. Foreign investors are net buying 99 billion KRW in the KOSPI market and net selling 127.8 billion KRW in the KOSDAQ market. Institutions are selling in both markets, with net selling amounts of 6.6 billion KRW and 28.7 billion KRW, respectively.

The domestic stock market is considered to be at a turning point. Although the trend of economic recovery remains intact, the spread of the Delta variant virus is causing concern.

Han Dae-hoon, a researcher at SK Securities, said, "There is still abundant liquidity and heightened expectations for improved earnings," adding, "If Samsung Electronics, which has been trading sideways amid the KOSPI bull market, realizes its earnings improvement, it is possible to anticipate further gains in the stock market."

Meanwhile, the New York stock market closed higher across the board. On the 1st (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 34,633.53, up 131.02 points (0.38%) from the previous session. The Standard & Poor's (S&P) 500 index rose 22.44 points (0.52%) to 4,319.94, reaching a record high. The tech-heavy Nasdaq index closed at 14,522.38, up 19.42 points (0.13%).

The economic indicators released that day drove the stock price gains. The U.S. Department of Labor reported that the number of initial jobless claims in the U.S. for the week of June 20-26 was 364,000, down 51,000 from the previous week. This is the lowest level since mid-March last year when the COVID-19 pandemic began in earnest. It is also the second-largest decrease since the end of April, two months ago, when claims dropped by 83,000.

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