US Record Rally and Strong Korean Exports... 'Samcheonpi and Cheonseudak' Start

[Image source=Yonhap News]

[Asia Economy Reporter Ji Yeon-jin] The domestic stock market started higher on the 2nd, following the rally to new highs in the three major U.S. indices.

The KOSPI index opened at 2,995.58, up 16.64 points (0.56%) from the previous day, and soon surpassed the 3,000 mark. As of 9:05 a.m., the index was trading at 3,006.70, up 27.71 points (0.93%). At this time, foreigners were net buyers of approximately 43.9 billion KRW, and institutions were net buyers of about 12 billion KRW. Conversely, individual investors were net sellers of around 56 billion KRW.

The KOSDAQ index also opened higher at 1,000.96, up 2.39 points (0.24%). Individual investors were buying stocks worth 21.6 billion KRW, while foreigners and institutions were net sellers of 16.5 billion KRW and 2.8 billion KRW, respectively.

Han Ji-young, a researcher at Kiwoom Securities, said before the market opened, "Despite caution ahead of the November FOMC, the domestic stock market is expected to show an upward trend today, supported by continued risk asset preference." She added, "In the U.S. stock market, Tesla (8.5%) and Ford (5.1%) showed strength due to expectations of expanded investment in the electric vehicle business, which is likely to improve investment sentiment in domestic automobile and secondary battery-related sectors today."

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