KOSPI Rises... '2446 Level' on News of 'Big Step' Easing

Published 06 Mar.2023 09:34(KST)

US FOMC Interest Rate Risk Eased
Tech Stocks Continue Rally

The domestic stock market is showing an upward trend as concerns over the possibility of the US Federal Open Market Committee (FOMC) raising the benchmark interest rate by 50 basis points (1bp = 0.01 percentage point) in March have eased.

At 9:15 a.m. on the 6th, the KOSPI stood at 2446.97, up 14.9 points (0.61%) from the previous day. Individual investors net bought 49 billion KRW. Foreign investors and institutions net sold 18.5 billion KRW and 29.2 billion KRW, respectively. In the futures market, foreign investors showed a net selling trend of 83.1 billion KRW.

On the 5th, KOSPI opened at 2,268.20, up 12.22 points (0.54%) from the previous trading day, as employees worked in the dealing room of Hana Bank in Jung-gu, Seoul. The won-dollar exchange rate started at 1,271.0 won, down 0.7 won from the previous trading day. Photo by Hyunmin Kim kimhyun81@

All of the top 10 KOSPI stocks by market capitalization are on the rise. NAVER (035420) increased by 2.68%, Samsung SDI (018260) by 2.6%, LG Chem (051910) by 2.13%, Kia by 1.15%, Hyundai Motor by 0.97%, Samsung Biologics by 0.89%, SK Hynix by 0.8%, and Samsung Electronics by 0.66%.

Rising sectors include non-metallic minerals (1.89%), services (1.48%), and chemicals (1.15%), while declining sectors include transportation and warehousing (-0.74%), construction (-0.37%), steel and metals (-0.30%), and paper and wood (-0.18%).

Seo Sang-young, a researcher at Mirae Asset Securities, explained, "The Federal Reserve's monetary policy report suggests a 25bp rate hike at the March FOMC, reversing recent rapid rate increases, which is leading to strength centered on technology stocks."

The KOSDAQ stood at 805.31, up 2.89 points (0.36%) from the previous day, maintaining the 800 level for two consecutive trading days. Individual investors net bought 184.4 billion KRW. Institutions and foreign investors net sold 41 billion KRW and 139 billion KRW, respectively.

Among the top 10 KOSDAQ stocks by market capitalization, Ecopro BM (247540) rose 7.41%, Ecopro (086520) 3.17%, Chunbo (278280) 2.26%, Pearl Abyss 0.81%, L&F 0.39%, and Kakao Games 0.32%. JYP Ent. (-1.68%), HLB (-1.25%), Celltrion Healthcare (-0.69%), and SM (-0.46%) declined.

Rising sectors include general electrical and electronics (4.41%) and finance (1.41%), while declining sectors include other manufacturing (-1.17%) and broadcasting services (-0.98%).