KOSPI Returns Gains Amid Foreigners' 'Selling'... 2370 Level

by Lee Jungyun

Published 13 Dec.2022 09:43(KST)

Updated 05 Mar.2023 16:04(KST)

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[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] Although foreigners showed a net selling trend, the KOSPI index rose slightly due to buying pressure from individuals and institutions.

As of 9:35 a.m. on the 13th, the KOSPI index was recorded at 2,374.82, up 1.80 points (0.08%) from the previous day. The index opened at 2,385.05, up 12.03 points (0.51%), but then gave back the gains and turned downward. However, it turned upward again. Individuals and institutions made net purchases worth approximately 95.7 billion KRW and 15.7 billion KRW respectively, while foreigners sold about 116.7 billion KRW.

Among the top market capitalization stocks, LG Energy Solution fell the most, down 1.89%. It was followed by LG Chem (-0.32%), Hyundai Motor (-0.31%), Kia and Samsung SDI (-0.15%) in decline. Kakao (0.86%), Naver (0.78%), and Samsung Electronics (0.67%) rose in that order. SK Hynix remained flat.

At the same time, the KOSDAQ index also rose slightly. It recorded 715.69, up 0.47 points (0.07%) from the previous day. Individuals bought about 45.6 billion KRW, while foreigners and institutions sold about 38.6 billion KRW and 2.1 billion KRW respectively.

Ahead of the Consumer Price Index (CPI) announcement and the December Federal Open Market Committee (FOMC) regular meeting, the U.S. stock market closed higher as expected inflation figures slowed down. On the 12th (local time), the Dow Jones Industrial Average closed at 34,005.04, up 528.58 points (1.58%) from the previous session; the large-cap-focused S&P 500 index closed at 3,990.56, up 56.18 points (1.43%); and the tech-heavy Nasdaq index ended at 11,143.74, up 139.12 points (1.26%).

According to the January consumer outlook survey released by the New York Federal Reserve Bank, the expected inflation rate for the next year was 5.2%. This is a 0.7 percentage point decrease from the previous month and the lowest level since August last year.