Stock Market Calms on Powell's Remarks... KOSPI Rises 1%

[Image source=Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Both the KOSPI and KOSDAQ indices are recording gains of over 1%. This appears to be positively influenced by U.S. President Joe Biden's statement that he will not deploy U.S. troops to the Ukraine-Russia war, Federal Reserve (Fed) Chair Jerome Powell's less hawkish remarks, and the increased possibility of dialogue between Russia and Ukraine.

As of 11 a.m. on the 3rd, the KOSPI is at 2,740.30, up 1.36% (36.78 points) from the previous trading day. The KOSPI opened the day at 2,728.86, up 0.97% (26.34 points) from the previous trading day.

Seo Sang-young, Director at Mirae Asset Securities, analyzed, "Jerome Powell, Fed Chair, announced a cautious policy approach considering the Ukraine situation, avoiding aggressive monetary policy, which is also positive for the Korean stock market. However, due to the conflicting factors of negative foreign demand caused by uncertainty over the Ukraine situation and positive foreign demand from the Fed's less hawkish monetary policy, it is necessary to pay attention to foreign trading trends."

By sector, construction (3.7%), electric and gas utilities (3.20%), medical precision (2.66%), non-metallic minerals (2.63%), machinery (1.76%), transportation and warehousing (1.68%), steel and metals (1.63%), transportation equipment (1.57%), securities (1.54%), electrical and electronics (1.51%), and manufacturing (1.41%) showed upward trends.

Among the top market capitalization stocks, Samsung Electronics (1.67%), SK Hynix (2.80%), Samsung Electronics Preferred (1.07%), Naver (2.37%), Samsung Biologics (0.65%), Kakao (1.36%), LG Chem (1.44%), Samsung SDI (1.28%), and Hyundai Motor (3.81%) showed gains.

At the same time, the KOSDAQ index is trading at 904.35, up 0.99% (8.90 points) from the previous trading day. The KOSDAQ opened at 901.28, up 0.65% (5.83 points) from the previous trading day.

Looking at investor trends, individuals alone net purchased 134.4 billion KRW, while foreigners and institutions net sold 79.9 billion KRW and 41.6 billion KRW, respectively.

By sector, non-metallic (1.92%), construction (1.80%), other services (1.79%), metals (1.79%), software (1.57%), and semiconductors (1.49%) led the gains.

Among the top market capitalization stocks, Celltrion Healthcare is trading at 63,800 KRW, up 1.43% from the previous trading day. While EcoPro BM (-0.30%), Kakao Games (-0.13%), WeMade (-1.19%), and Chunbo (-0.03%) are declining, L&F (0.05%), Pearl Abyss (0.50%), and Celltrion Pharm (1.14%) are showing mixed trends.

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