Did the Drop from Ukraine News Go Too Far... KOSPI Starts with Gains
Increase in Institutional Net Buying Volume
[Asia Economy Reporter Minji Lee] The KOSPI opened higher. Although concerns over armed conflict between Russia and Ukraine persist, investor sentiment has improved as Western countries such as the U.S. and Europe are imposing sanctions that are not as severe as expected, and there is a growing view that a full-scale war is unlikely.
As of 9:11 a.m. on the 23rd, the KOSPI stood at 2,716.84, up 0.35% (9.49 points) from the previous trading day. The index started the day strongly, rising 0.76% (20.64 points) to 2,727.43 compared to the previous day, but the gains have since narrowed somewhat. Looking at investor trends, institutions alone have increased their net buying in the early session. Currently, institutions have purchased stocks worth 36.4 billion KRW, while individuals and foreigners have net sold stocks worth 6.1 billion KRW and 28.9 billion KRW, respectively.
Top market capitalization stocks are also showing gains. Samsung Electronics traded at 73,500 KRW, up 0.14% from the previous day. Other gainers include LG Energy Solution (0.45%), SK Hynix (1.17%), Samsung Biologics (0.65%), LG Chem (0.85%), Kakao (0.76%), Hyundai Motor (0.28%), and Samsung SDI (0.74%).
At the same time, the KOSDAQ index stood at 874.17, up 0.66% (5.72 points) from the previous day. The index opened at 873.32, up 0.6% (5.21 points) from the previous day, and maintained its upward trend. Looking at investor trends, individuals alone have purchased stocks worth 42.1 billion KRW. Foreigners and institutions sold stocks worth 31.7 billion KRW and 12.1 billion KRW, respectively.
Among the top market capitalization stocks, Celltrion Healthcare rose 0.31% to 64,600 KRW. Most stocks showed gains, including EcoPro BM (1.5%), L&F (1.83%), Pearl Abyss (1.58%), Kakao Games (1.42%), Wemade (2.58%), HLB (1.01%), Celltrion Pharm (0.46%), and Chunbo (1.27%).
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Sangyoung Seo, a researcher at Mirae Asset Securities, said, “Despite U.S. President Biden’s announcement of sanctions against Russia, the mention of diplomatic efforts and the partial reflection of the Ukraine issue are expected to have a positive impact on the domestic stock market.” He added, “Since the possibility of the Ukraine issue escalating is limited, the domestic stock market is expected to show a limited rebound today.”
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