KOSPI Closes Up 1% Led by Foreign and Institutional Buying... KOSDAQ Recovers to 900 Level

[Image source=Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] The KOSPI closed up over 1% on the 29th, buoyed by gains in the U.S. stock market and combined buying by foreigners and institutions.

On the day, the KOSPI closed at 2695.05, up 1.03% (27.56 points) from the previous day. The KOSPI opened at 2669.18, up 0.06% (1.69 points) from the previous close, and extended its intraday gains.

In the securities market, foreigners net purchased 14 billion KRW, showing a rare buying dominance for the first time in about a month since early March. The won-dollar exchange rate fell 16.6 KRW at the closing price to the 1250 KRW level, attracting foreign buying. Institutions also net purchased 490 billion KRW. Conversely, individuals net sold 485.5 billion KRW.

On the 28th (local time), the New York stock market closed higher across all three major indices, supported by strong earnings from big tech companies.

The tech-heavy Nasdaq index surged 3.06%, the Dow Jones Industrial Average rose 1.85%, and the Standard & Poor's (S&P) 500 index increased 2.47%.

Kim Seok-hwan, a researcher at Mirae Asset Securities, explained, "The U.S. stock market rose sharply due to strong corporate earnings and robust employment, improving investor sentiment and lifting major Korean indices. The intraday gains were further expanded due to strength in the China and Hong Kong markets."

Among the top 10 by market capitalization, many stocks rose, including the leader Samsung Electronics (4.01%). SK Hynix (2.74%), Samsung Biologics (0.36%), NAVER (2.14%), Samsung SDI (2.17%), Kakao (0.67%), LG Chem (3.39%), and Kia (0.12%) also increased.

LG Energy Solution (-0.12%) and Hyundai Motor (-1.33%) declined slightly.

By sector, textiles and apparel (3.08%) showed strength. Large semiconductor stocks led gains in electricity and electronics (2.66%), non-metallic minerals (1.14%), medical precision (1.26%), electric and gas utilities (1.01%), services (1.12%), and manufacturing (1.39%). Conversely, food and beverages (-1.10%), machinery (-0.91%), and transportation equipment (-0.95%) were weak.

The KOSDAQ index closed at 904.75, up 1.40% (12.53 points) from the previous day, recovering above the 900 level for the first time in three days.

The KOSDAQ opened at 895.64, up 0.38% (3.42 points) from the previous close, and extended its intraday gains.

By investor type, institutions net purchased 124.6 billion KRW, driving the index higher. Individuals net sold 117.9 billion KRW, and foreigners net sold 10.3 billion KRW.

All stocks in the top 20 by market capitalization rose. EcoPro BM (5.51%), Celltrion Healthcare (1.10%), L&F (0.97%), Kakao Games (1.00%), Pearl Abyss (1.79%), Celltrion Pharm (0.98%), HLB (4.89%), CJ ENM (0.63%), Cheonbo (3.29%), and Rino Industrial (2.07%) all increased.

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