KOSPI Rises on Net Buying by Foreigners and Individuals... Trading at 2630 Level
[Asia Economy Reporter Minji Lee] The KOSPI and KOSDAQ indices are showing strong upward momentum.
At 9:13 a.m. on the 26th, the KOSPI stood at 2,631.19, up 0.53% (13.97 points) from the previous trading day. The index started the session at 2,616.99, down 0.01% (0.23 points) from the previous day, and has since expanded its gains.
Foreign investors and individuals have been accumulating stocks, purchasing 8.5 billion KRW and 38.4 billion KRW worth of shares respectively. Foreigners also net bought 129 billion KRW worth of futures contracts. Meanwhile, institutions were the sole net sellers of spot stocks, offloading 49.6 billion KRW worth.
Looking at the top market capitalization stocks, most are on the rise. Despite a disappointing forecast from U.S. semiconductor company Nvidia, Samsung Electronics traded up 0.3% at 66,600 KRW. Other gainers included Samsung Biologics (0.12%), NAVER (1.5%), Samsung SDI (0.68%), Hyundai Motor (0.54%), LG Chem (1.87%), and Kakao (1.1%).
At the same time, the KOSDAQ index was at 880.49, up 0.92% (8 points) from the previous day. The index opened at 876.19, up 0.4% (3.50 points), showing strong upward momentum. While foreigners sold 40.6 billion KRW worth of shares, individuals (38.5 billion KRW) and institutions (6 billion KRW) continued net buying.
Among the top market capitalization stocks, EcoPro BM (0.4%), Celltrion Healthcare (1.16%), L&F (0.71%), Kakao Games (0.17%), Pearl Abyss (0.63%), Celltrion Pharm (0.5%), Wemade (3.66%), and Chunbo (0.7%) rose, while HLB (-1.54%) and Rino Industrial (-1.31%) declined.
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Han Ji-young, a researcher at Kiwoom Securities, analyzed, “Since the May FOMC minutes did not contain any content likely to stir market anxiety, a limited price movement is expected. The May Monetary Policy Committee results, scheduled to be announced during the session, are expected to show a 25 basis point rate hike, which the market has already priced in. Therefore, market attention will focus on the Bank of Korea governor’s press conference, which will provide clues about the future pace and intensity of rate hikes.”
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