US and China Stock Markets Rally, Investor Sentiment Also Sees 'Spring Breeze'... KOSPI Rises Together

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] On the afternoon of the 16th, the KOSPI showed an upward trend driven by the rising U.S. and Chinese stock markets.

As of 1:30 PM, the KOSPI stood at 2643.52, up 0.84% (21.99 points) from the previous trading day. While foreign investors sold a net 130.3 billion KRW, institutions and individuals bought net amounts of 91.4 billion KRW and 33.6 billion KRW respectively, pushing the index higher.

The index rose in tandem as the U.S. stock market showed strength due to a sharp drop in international oil prices, and the Chinese stock market also trended upward. On the 15th (local time), the Dow Jones Industrial Average and the Standard & Poor's (S&P) 500 index closed up 1.82% and 2.14%, respectively. The Nasdaq index, which is tech-heavy, rose 2.92%. The U.S. market was buoyed by a steep decline in international oil prices, with April delivery West Texas Intermediate (WTI) crude oil on the New York Mercantile Exchange (NYMEX) falling 6.4% ($6.57) to $96.44 per barrel, easing stagflation concerns following Russia's invasion of Ukraine.

Lee Kyung-min, a researcher at Daishin Securities, explained, "The sharp drop in oil prices and the rebound in the U.S. stock market, including the Nasdaq, are supporting the rise in the domestic stock market," adding, "The upward trend in the Chinese stock market likely had a positive impact as well." Due to city lockdowns caused by the spread of COVID-19, the Chinese stock market declined the previous day, but as of 11:30 AM, the Shanghai Composite Index was up 0.04%, and as of 12:05 PM, the Hong Kong Hang Seng Index rose 2.5%.

Among the top market capitalization stocks, Kia showed the largest gain, rising 3.18%. This was followed by Hyundai Motor (3.07%), SK Hynix (2.22%), LG Energy Solution (1.11%), Samsung Biologics (0.99%), Samsung Electronics (0.58%), LG Chem (0.57%), Naver (0.31%), and Samsung SDI (0.21%). Kakao remained flat.

By sector, transportation and warehousing (2.65%), construction (2.38%), transportation equipment (1.76%), chemicals (1.35%), and non-metallic minerals (1.32%) rose. Conversely, steel and metals (-0.85%), banking (-0.33%), and telecommunications (-0.31%) declined.

At the same time, the KOSDAQ index rose 1.54% (13.42 points) to 884.64. Institutions bought a net 107.2 billion KRW, while foreign investors and individuals sold net amounts of 67.1 billion KRW and 66.0 billion KRW, respectively.

Among the top market capitalization stocks, Lino Industrial and CJ ENM showed strong gains, rising more than 5%. This was followed by Pearl Abyss (3.17%), EcoPro BM (2.91%), Kakao Games (2.05%), and L&F (1.54%). HLB (-0.32%), Celltrion Pharm (-0.31%), and Celltrion Healthcare (-0.29%) declined.

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