KOSPI Technical Rebound for Two Consecutive Days... Institutions' First Net Selling of LG Ensol Since Listing

On the morning of the 27th, at the Korea Exchange in Yeouido, Seoul, the opening price of 597,000 won was displayed on the electronic board during the KOSPI listing ceremony of LG Energy Solution. LG Energy Solution's market capitalization is 112.32 trillion won, surpassing SK Hynix to claim the 2nd place in market capitalization rankings. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Ji Yeon-jin] The domestic stock market is maintaining an upward trend on the afternoon of the 9th. The KOSPI index is showing strength due to simultaneous buying by institutions and foreigners, while the KOSDAQ index is slightly expanding its gains. Given the upcoming inflation statistics that will determine the US interest rate hike, this is analyzed as a technical rebound following a significant correction last month.

As of 1:50 PM, the KOSPI index is trading at 2,769.47, up 23 points (0.84%) from the previous day. Institutions are net buyers with 219 billion KRW, and foreigners are net buyers with 159 billion KRW, driving the index. Individuals are net sellers with 392.9 billion KRW.

At the same time, Samsung Electronics is up 1.50%, and SK Hynix is slightly retreating with a 0.40% gain.

LG Energy Solution surged earlier this month on expectations of passive fund inflows but is down 3.32% today. This appears to be due to CLSA, a Hong Kong-based securities firm, issuing a 'sell' rating after LG Energy Solution reported earnings below expectations the previous day. Institutions, which had been on a net buying rally since LG Energy Solution's listing on the 27th of last month, switched to net selling today. Meanwhile, Samsung SDI is up 1.62%, and LG Chem (-0.49%) is showing weakness.

Samsung Biologics rose nearly 5% yesterday due to US export restrictions on Chinese biotech companies but is down 3.50% today. KB Financial Group is up 4.45%, and Shinhan Financial Group is up 2.40%.

Lee Jin-woo, a researcher at Meritz Securities, said, "Today's market should also be seen as part of a technical rebound. Notably, the extent of gains in stocks is reflecting earnings, with bank stocks performing well recently."

At the same time, the KOSDAQ index is up 13.03 points (1.46%) to 908.30, showing an expanded gain compared to earlier in the session. Foreigners are net sellers of about 20 billion KRW, but individuals and institutions are net buyers of 15.1 billion KRW and 5.5 billion KRW, respectively.

Among the top market cap stocks on the KOSDAQ, CJ ENM showed the largest gain, rising 9.84% on news of a temporary halt to its physical division. Secondary battery component stocks such as EcoPro BM (3.54%) and L&F (2.67%) are also strong. WEMADE, which has been surging since the 4th, rose more than 5% today. However, Kakao Games fell 4.27%.

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