KOSPI Starts at 3000 Recovery... Has the Year-End Rally Begun?
"Increased IT Share After a Period of Suppression"
[Asia Economy Reporter Ji Yeon-jin] On the 24th, the KOSPI index started trading above the 3000 mark. Although the decline in U.S. tech stocks was expected to weigh on the market, the combined buying by individuals and foreigners has led to early strength. The year-end shopping season expectations are interpreted as fueling the buying momentum.
The KOSPI opened at 3006.34, up 9.01 points (0.30%) from the previous day, and is slightly expanding its gains. As of 9:10 a.m., foreigners are net buyers of about 91.5 billion KRW, and individuals have purchased 48.1 billion KRW. Meanwhile, institutions are net sellers of 138.2 billion KRW.
Among the top market capitalization stocks, all except Naver (NAVER, -0.12%) and Samsung SDI (-0.41%) are showing gains. In particular, Samsung Electronics (+1.06%) and SK Hynix (+1.68%) are rising sharply.
The KOSDAQ also started at 1015.23, up 1.51 points (0.15%) from the previous day. At the same time, the KOSDAQ is showing a 0.66% increase at 1020.38. Institutions are net buyers of about 8 billion KRW, individuals are net buyers of 1.3 billion KRW, while foreigners are net sellers of approximately 10.5 billion KRW.
Most of the top market capitalization stocks on the KOSDAQ, including Wemade which jumped nearly 3%, are showing strength. However, EcoPro BM (0.06%) is recording a slight decline.
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Han Ji-young, a researcher at Kiwoom Securities, said, "The year-end rally occurs each year due to different surrounding market conditions, but the common factor is the expectation of the U.S. consumption season. This consumption season in the U.S. is expected to create a favorable atmosphere not only for the U.S. stock market but also for the Korean stock market." She added, "It is appropriate to expand the weighting of large-cap stocks, especially in the IT sector, which has recently been gaining momentum after a period of suppressed prices."
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