KOSPI Rises Over 1% on Strong Earnings Momentum, Closes at 2667

[Image source=Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Despite the weak Korean won, the KOSPI closed up more than 1% amid the earnings season.

On the 28th, the KOSPI closed at 2667.49, up 1.08% (28.43 points) from the previous trading day.

The KOSPI opened at 2656.54, up 0.66% (17.48 points) from the previous close, showing a flat trend in the early session but increased its gains in the afternoon.

Institutions led the index rise with net purchases of 193.6 billion KRW.

Individuals sold net 165.1 billion KRW, and foreigners sold net 40 billion KRW.

The previous day, the U.S. New York stock market showed mixed movements with the Dow Jones Industrial Average up 0.19%, the S&P 500 up 0.21%, and the Nasdaq down 0.01%, as corporate earnings announcements caused fluctuations by stock.

In the domestic market, the won-dollar exchange rate surpassed the 1270 won level at the close, but positive investor sentiment was supported by strong first-quarter earnings reports from major companies such as LG Chem and Samsung C&T.

Lee Kyung-min, a researcher at Daishin Securities, said, "As the recent sharp decline in the U.S. stock market has stabilized, strong earnings from major tech companies such as Alphabet, Qualcomm, and Meta overnight boosted U.S. futures, positively impacting the domestic market today. Also, signs of stabilization in the resurgence of COVID-19 in Shanghai helped ease concerns about economic instability originating from China."

Among the top 10 by market capitalization, LG Chem surged 8.42% after recording its highest-ever sales.

SK Hynix (0.92%), Samsung Biologics (3.09%), Samsung SDI (1.36%), Hyundai Motor (0.80%), Kakao (1.02%), and Kia (0.48%) also showed gains. Conversely, Samsung Electronics (-0.31%) and LG Energy Solution (-0.12%) declined slightly. Samsung Electronics announced record quarterly sales but hit a new 52-week low for the second consecutive day.

By sector, the electric and gas industry rose 6.32% due to strong European natural gas prices. Construction (4.46%), chemicals (3.10%), steel and metals (2.69%), distribution (2.64%), and transportation and warehousing (2.26%) all rose more than 2%, while food and beverages (-0.34%), paper and wood (-1.02%), electrical and electronics (-0.14%), and medical precision (-0.22%) declined.

The KOSDAQ index closed at 892.22, down 0.44% (3.96 points) from the previous day, falling below the 900 mark for the second consecutive day.

The KOSDAQ opened at 900.43, up 0.47% (4.25 points) from the previous close, but widened losses during the session.

By investor type, foreigners sold net 251.9 billion KRW, institutions sold net 37.1 billion KRW, and individuals bought net 306.5 billion KRW.

Among the top market cap stocks, Ecopro BM (0.38%), Celltrion Healthcare (3.08%), Kakao Games (0.84%), Celltrion Pharm (2.35%), HLB (0.17%), CJ ENM (3.34%), and Cheonbo (0.22%) rose, while L&F (-1.81%) and Pearl Abyss (-9.7%) declined.

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