KOSPI Closes Up Over 1% Near 2300 Mark Amid Foreign Buying Spree

[Image source=Yonhap News]

[Asia Economy Reporter Kwon Jaehee] The KOSPI index closed above the 2290 level, rising more than 1% from the previous trading day, driven by a buying spree from foreign investors.

On the 31st, the KOSPI index closed at 2293.61, up 1.11% from the previous trading day. The index opened at 2293.75, up 1.12% (25.35 points) at the start of the session.

By investor type, individuals and institutions sold stocks worth 205.7 billion KRW and 27.8 billion KRW respectively, while foreigners were the sole net buyers with purchases totaling 232.4 billion KRW.

The KOSPI briefly fell to the 2260 level in the morning due to simultaneous selling by foreigners and institutions, but rebounded to the 2290 level, supported by a sharp rise in the stock price of Samsung Electronics, the KOSPI's leading stock.

By sector, service industries (2.27%), electrical and electronics (2.03%), manufacturing (1.33%), and steel and metals (1.17%) showed strong gains. Conversely, electricity and gas (-1.26%), construction (-1.25%), distribution (-0.54%), and insurance (-0.51%) sectors showed weakness.

Among the top 10 stocks by market capitalization, Samsung Electronics stood out with a 3.66% increase. This was attributed to the rise in all three major New York stock indices on the previous trading day, the 28th (local time), as well as a 3.98% surge in the Philadelphia Semiconductor Index.

Additionally, Apple, a symbol of U.S. technology stocks, posted solid third-quarter earnings, bringing positive momentum to domestic tech stocks. NAVER closed up 5.94%, and Kakao rose 4.00%.

Other stocks that closed higher included Samsung Biologics (0.11%), Samsung SDI (1.38%), LG Chem (1.79%), Samsung Electronics Preferred (3.50%), Hyundai Motor (0.30%), and Celltrion (2.40%).

Kim Seokhwan, a researcher at Mirae Asset Securities, analyzed, "On the 28th, the U.S. stock market led a rally driven by Apple's strong earnings report, which lifted technology stocks overall. This restored risk appetite, resulting in gains in both the KOSPI and KOSDAQ."

The KOSDAQ index closed at 695.33, up 1.12%. It opened at 694.69, up 1.03% (7.06 points) on the day.

On the KOSDAQ, individuals were the sole net sellers with 22.6 billion KRW sold, while foreigners and institutions bought stocks worth 25.4 billion KRW and 5.2 billion KRW respectively.

By sector, semiconductors (2.29%), food and beverages/tobacco (2.27%), metals (1.81%), and distribution (1.58%) showed strength. Meanwhile, publishing/media reproduction (-1.05%), paper/wood (-0.39%), and transportation (-0.25%) declined.

All of the top 10 stocks by market capitalization closed higher, including EcoPro BM (0.61%), Celltrion Healthcare (2.96%), L&F (0.31%), HLB (1.38%), EcoPro (1.00%), Kakao Games (1.93%), Pearl Abyss (1.96%), Celltrion Pharm (2.26%), Chunbo (1.02%), and Lino Industrial (1.94%).

During the day, the trading value on the KOSPI and KOSDAQ markets was recorded at 8.5633 trillion KRW and 4.0197 trillion KRW respectively.

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