Effect of US Consumer Spending Boost?…KOSPI Surpasses 3000 Mark

KOSDAQ Shows 1% Range Increase... Foreigners and Institutions Focused Buying

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The KOSDAQ is rebounding alongside the recovery in U.S. consumer spending. However, the KOSPI has struggled to surpass the 3000-point mark.

As of 10:57 a.m. on the 28th, the KOSPI recorded 3002.84, up 0.11% (3.29 points) from the previous day. The KOSPI started trading above 3000 points but has fluctuated around this level, recording 2998.82 at 10:49 a.m.

The notable recovery in consumer spending appears to be preventing a decline in the stock market. According to Mastercard, retail sales during the shopping season in the U.S. are improving, increasing by 8.5% compared to last year and 10.7% compared to 2019.

Seo Sang-young, a researcher at Mirae Asset Securities, explained, “Although the number of new COVID-19 cases in the U.S. has exceeded 200,000, consumption remains robust,” adding, “This raises expectations for increased exports from Korea.”

Individual investors showed relatively strong selling pressure, with net sales of 273 billion KRW. Foreigners and institutions were net buyers, purchasing 85.9 billion KRW and 178.1 billion KRW respectively.

Sector indices showed mixed results. The transportation and warehousing sector saw the largest decline at 0.92%, followed by transportation equipment (-0.71%), electrical and electronics (-0.28%), medical precision (-0.24%), and telecommunications (-0.20%). On the upside, electric and gas utilities rose 4.60%, textiles and apparel 2.26%, machinery 0.73%, paper and wood 0.50%, and services 0.41%.

The top 10 market capitalization stocks also showed mixed performance. SK Hynix had the largest drop at 0.79%, followed by Hyundai Motor (-0.70%), Kia (-0.59%), and Samsung Electronics (-0.37%). Meanwhile, Celltrion rose 1.72%, Kakao 0.88%, Samsung SDI 0.47%, and Samsung Biologics 0.34%. NAVER and LG Chem remained flat.

The KOSDAQ rose 1.04% (10.52 points) from the previous day to 1021.88, reaching as high as 1022.92 at 9:59 a.m.

Buying by foreigners and institutions contributed to the index’s rise, with net purchases of 126.7 billion KRW and 287.4 billion KRW respectively. Individual investors were net sellers at 407.4 billion KRW.

Almost all sectors advanced. The paper and wood sector led gains with a 3.81% increase, followed by digital content (2.93%), IT components (2.62%), general electrical and electronics (2.60%), telecommunications equipment (2.00%), and IT software & services (1.96%). Declines were seen in telecommunications services (-0.86%), transportation (-0.59%), transportation equipment and parts (-0.40%), construction (-0.24%), and textiles and apparel (-0.16%).

Most of the top 10 market capitalization stocks rose. L&F led with a 7.01% gain, followed by Cheonbo (5.76%), EcoPro BM (4.63%), Pearl Abyss (3.51%), Wemade (3.20%), Celltrion Healthcare (2.58%), Celltrion Pharm (2.15%), and Kakao Games (1.95%). HL Biopharma (-0.76%) and Seegene (-0.33%) declined.

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