KOSPI Rises Above 2430 in Afternoon on Net Buying by Foreigners and Institutions

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] The KOSPI continued to rise on the afternoon of the 28th, driven by buying pressure from foreigners and institutions.

As of 1:52 PM on the day, the KOSPI index was recorded at 2434.57, up 19.04 points (0.79%) from the previous trading day. Foreigners and institutions led the index increase with net purchases worth approximately 179.5 billion KRW and 21.3 billion KRW, respectively, while individuals sold about 183.1 billion KRW worth of shares.

Among the top market capitalization stocks, LG Chem rose the most, up 6.73%. LG Energy Solution, which is expected to improve profitability in the second half of the year along with management's goal to triple sales within five years, increased by 6.10%. Samsung Biologics (2.85%), Samsung SDI (2.52%), Kakao (0.56%), Naver (NAVER) (0.41%), and Samsung Electronics (0.32%) also showed strength. SK Hynix (-0.90%), Hyundai Motor (-0.51%), and Kia (-0.50%) were weak.

By sector, Posco Chemical saw its non-metallic minerals sector rise the most, up 7.96%, after news that it secured an additional order for cathode materials, a key electric vehicle battery component, worth 13.7696 trillion KRW from General Motors (GM). This was followed by gains in chemicals (1.76%), electrical and electronics (1.22%), and pharmaceuticals (1.19%). Construction (-1.78%), precision medical instruments (-1.53%), transportation and warehousing (-0.81%), and food and beverage (-0.45%) sectors declined.

The U.S. Federal Reserve (Fed) announced on the 27th (local time) after the Federal Open Market Committee (FOMC) regular meeting that it would raise the federal funds rate by 0.75 percentage points from the previous 1.50-1.75% range to 2.25-2.50%.

However, the giant step hike had already been priced in by the market, and U.S. stocks surged after Fed Chair Jerome Powell indicated that the pace of rate hikes would slow. The Nasdaq index closed up 469.85 points (4.06%) at 12,032.42. The Dow Jones Industrial Average rose 436.05 points (1.37%) to 32,197.59, and the large-cap S&P 500 index finished at 4,023.61, up 102.56 points (2.62%).

At the same time, the KOSDAQ index rose 3.16 points (0.40%) to 798.86. The index opened at 802.50 but gains were limited due to selling pressure from foreigners and institutions. Foreigners and institutions sold approximately 30.8 billion KRW and 33.9 billion KRW, respectively, while individuals net bought about 72.0 billion KRW.

Among the top market capitalization stocks, Cheonbo rose the most, up 3.33%. EcoPro BM (1.71%), Celltrion Pharm (1.19%), Pearl Abyss (1.17%), L&F (1.28%), Celltrion Healthcare (0.98%), and Kakao Games (0.40%) also rose. On the other hand, Alteogen (-0.89%), HLB (-0.49%), and Studio Dragon (-0.27%) declined.

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