Foreigners 'Saja' Lead Domestic Stock Market to Close Higher for 2 Consecutive Trading Days... KOSPI at 2350 Level

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] The domestic stock market closed higher for the second consecutive trading day as foreign investors showed buying momentum. The KOSPI index recorded the 2350 level, and the KOSDAQ index also rose by more than 1%.

On the 8th, the KOSPI index closed at 2350.61, up 16.34 points (0.70%) from the previous trading day. The index surpassed the 2360 level during the session due to continued foreign buying for two consecutive trading days but later trimmed some of its gains. Foreign investors alone purchased about 243 billion KRW worth of stocks, driving the index higher. In contrast, individual and institutional investors sold net amounts of 89.7 billion KRW and 172.4 billion KRW, respectively.

Among the top market capitalization stocks, LG Energy Solution showed the largest gain, rising 3.88%. Following that, LG Chem rose 3.82% amid expectations for investment in battery materials. Hyundai Motor (1.71%), NAVER (1.63%), Kia (1.45%), and SK Hynix (0.96%) also increased. Samsung Electronics, which had risen more than 3% after announcing its Q2 earnings, gained 0.85%, and Samsung Biologics also recorded a rise of 0.24%. On the other hand, Kakao (-1.64%) and Samsung SDI (-0.74%) declined.

By sector, most recorded gains. Insurance (1.95%), transportation equipment (1.90%), paper & wood (1.64%), non-metallic minerals (1.52%), and electrical & electronics (0.98%) rose. Conversely, food & beverage (-0.31%), pharmaceuticals (-0.28%), telecommunications (-0.20%), electric & gas (-0.19%), and medical precision (-0.16%) sectors fell.

The rise in the U.S. stock market on the 7th (local time) was also seen as influencing the domestic market. The Dow Jones Industrial Average closed at 31,384.55, up 346.87 points (1.12%) from the previous session. The large-cap S&P 500 index ended at 3,902.62, up 57.54 points (1.50%). The tech-heavy Nasdaq index closed at 11,621.35, rising 259.49 points (2.28%).

Kim Seok-hwan, a researcher at Mirae Asset Securities, explained, "The U.S. stock market showed strength as confidence in the economy was highlighted, positively affecting investor sentiment. The news of former Japanese Prime Minister Shinzo Abe being shot expanded safe-haven asset preference, leading to a shift to stronger dollar and yen, and despite the won's weakness, foreign buying continued, driving the index higher." On the day, the USD/KRW exchange rate closed at 1,300.4 won, up 0.6 won in the Seoul foreign exchange market.

Heo Jae-hwan, a researcher at Eugene Investment & Securities, said, "Economic indicators were not as bad as feared, easing concerns about an economic recession, and a rebound is seen among stocks that had fallen significantly. However, since external conditions are still unfavorable, it remains to be seen whether foreign demand will continue as a trend."

On the same day, the KOSDAQ index closed at 766.48, up 8.51 points (1.12%) from the previous trading day. The index opened at 764.98, up 7.01 points (0.92%) from the previous close. Foreign and institutional investors bought net amounts of about 13.2 billion KRW and 30.3 billion KRW, respectively, leading the index higher. Individual investors sold a net 39.9 billion KRW.

Among the top market capitalization stocks, HLB showed the largest gain, rising more than 12%. Following that, Seegene (3.35%), L&F (2.83%), EcoPro BM (2.15%), Alteogen (0.95%), and Pearl Abyss (0.57%) showed strength. Conversely, Celltrion Pharm (-4.22%), Celltrion Healthcare (-2.19%), Kakao Games (-1.41%), and Studio Dragon (-0.14%) declined.

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