Rebound Buying Influx... KOSPI Closes Higher at 2944 Level

Expectations for Easing Vehicle Semiconductor Shortage... Hyundai and Kia Rise 3.18% and 2.43% Respectively
KOSDAQ Also Closes Up 1.42% Compared to Previous Day

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] Rebound buying led the KOSPI's recovery. As institutional net buying expanded, automobile-related stocks also showed an upward trend amid expectations that the shortage of automotive semiconductors could be resolved.

On the 13th, the KOSPI closed at 2,944.41, up 0.96% (28.03 points) from the previous day. Although it started lower that day, it turned upward and even rose to 2,953.33 at 12:29 PM.

It is interpreted that rebound buying entered the domestic stock market. Recently, SK Hynix had fallen for six consecutive trading days due to concerns that the semiconductor industry might be sluggish, but it rebounded on this day. However, Samsung Electronics turned downward just before the market closed. In addition, Hyundai Motor, Kia, and other automobile-related stocks rebounded amid expectations that the shortage of automotive semiconductors could ease.

Kim Seok-hwan, a researcher at Mirae Asset Securities, explained, "Although the KOSPI plunged 1.35% the previous day, it seems that the index rebounded as rebound buying flowed in," adding, "The expansion of institutional net buying and foreign futures buying are also positive factors."

In fact, institutional buying was strong. Institutions net bought 771.3 billion KRW. Individuals and foreigners net sold 530.5 billion KRW and 272.6 billion KRW, respectively.

Most sectors rose. The machinery sector had the largest increase at 5.32%, followed by transportation equipment (2.75%), steel and metals (2.09%), services (2.00%), and construction (1.90%). Insurance (-0.40%) and pharmaceuticals (-0.27%) declined.

Almost all of the top 10 stocks by market capitalization rose. Hyundai Motor had the largest gain at 3.18%, followed by Kakao (3.08%), NAVER (2.69%), Kia (2.43%), LG Chem (1.51%), Samsung SDI (1.21%), SK Hynix (0.55%), and Celltrion (0.47%). Samsung Biologics (-0.60%) and Samsung Electronics (-0.29%) declined.

At the same time, the KOSDAQ closed at 953.47, up 1.42% (13.32 points) from the previous day. It also rose to 954.63 at 9:51 AM that day.

Foreigners and institutions led the index rebound with net buying of 214.4 billion KRW and 70.2 billion KRW, respectively. Individuals net sold 290.2 billion KRW.

All sectors except transportation equipment and parts rose. IT components had the largest increase at 4.76%, followed by transportation (3.44%), broadcasting services (3.29%), general electric and electronics (3.28%), and telecommunications and broadcasting services (2.92%). Transportation equipment and parts (-0.80%) declined.

Most of the top 10 stocks by market capitalization rose. L&F had the largest gain at 13.35%, followed by EcoPro BM (4.55%), CJ ENM (3.68%), Pearl Abyss (3.23%), Alteogen (3.17%), SK Materials (2.44%), Celltrion Healthcare (0.46%), and Kakao Games (0.15%). HL Biopharma (-5.37%) and Celltrion Pharm (-0.24%) declined.

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