Foreigners + Institutions Buy, KOSPI Closes Just Below 3000... Still Not Enough

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[Asia Economy Reporter Lee Seon-ae] The KOSPI closed higher for the third consecutive day, supported by combined buying from foreigners and institutions. However, it failed to settle above the 3000 mark.

On the 23rd, the KOSPI closed at 2998.17, up 13.69 points (0.46%) from the previous day. The index opened at 2998.02, 13.54 points (0.45%) higher than the previous close, rose to 3000.70 in early trading, then showed mixed movements before turning downward. Later, it regained upward momentum thanks to net buying by foreigners.

The KOSDAQ closed at 1003.31, up 3.18 points (0.32%) from the previous session, marking three consecutive days of gains based on closing prices. The index started at 1004.45, 4.32 points (0.43%) higher than the previous close, and maintained a strong trend above the 1000 level.

Market demand was led by foreigners and institutions. Foreigners showed net buying dominance of approximately 233.5 billion KRW in the KOSPI and 52.9 billion KRW in the KOSDAQ. Institutions also posted net purchases of about 578.9 billion KRW and 294.4 billion KRW in the two markets, respectively. Conversely, individuals were net sellers, offloading approximately 819 billion KRW and 308.7 billion KRW in the KOSPI and KOSDAQ, respectively.

By sector in the KOSPI, electrical and electronics (+0.98%), steel and metals (+0.96%), and chemicals (+0.95%) showed strength, while medical precision (-2.61%), paper and wood (-0.67%), and services (-0.53%) closed lower. In the KOSDAQ, IT components (+2.80%), semiconductors (+2.37%), and telecommunications equipment (+1.15%) were strong, whereas other services (-0.99%), digital content (-0.90%), and pharmaceuticals (-0.81%) ended lower.

Top market cap stocks in the KOSPI showed mixed results. Samsung Electronics (+0.63%), SK Hynix (+0.39%), LG Chem (+1.44%), Hyundai Motor (+1.21%), Samsung SDI (+1.74%), and Kia (+0.36%) rose. Meanwhile, NAVER (-0.13%), Samsung Biologics (-0.55%), Kakao (-1.31%), and KakaoBank (-0.66%) declined. The top market cap stocks in the KOSDAQ also showed mixed performance. Celltrion Healthcare (+0.87%), EcoPro BM (+0.20%), and L&F (+3.86%) closed higher, while Pearl Abyss, Kakao Games, and Wemade ended lower.

Lee Kyung-min, a researcher at Daishin Securities, analyzed, "The KOSPI rose to the 3000 level shortly after the opening but quickly narrowed its gains, similar to the previous day. The approval of Pfizer’s oral COVID-19 treatment by the U.S. FDA and studies from South Africa and Scotland showing that the Omicron variant poses a lower risk of hospitalization and severe illness eased related concerns." He added, "However, these issues alone are insufficient to drive the KOSPI higher. With year-end approaching and trading quiet, the market is showing a stock-specific trend."

Two stocks in each market hit the daily upper limit. In the KOSPI, BYC closed at 543,000 KRW, up 125,000 KRW (+29.90%) from the previous trading day, and Jayjun Cosmetic closed at 1,170 KRW, up 267 KRW (+29.57%). In the KOSDAQ, ChemOn closed at 4,055 KRW, up 935 KRW (+29.97%), and Jinain Pharmaceutical closed at 5,470 KRW, up 1,260 KRW (+29.93%).

In the foreign exchange market, the won-dollar exchange rate fell to 1,188 KRW (-0.34%), the Japanese yen closed at 1,040 KRW (-0.31%), and the Chinese yuan ended at 186 KRW (-0.27%).

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