KOSPI Shows Slight Gains Early in Trading... Institutions 'Buy'
Foreigners Net Buyers in Both KOSPI and KOSDAQ
Expectations for Early End to US Base Rate Hikes
The KOSPI is showing a firm upward trend in the early session, supported by institutional movements.
As of 9:07 a.m. on the 29th, the KOSPI stands at 2,438.75, up 3.81 points (0.16%) from the previous day. The index opened at 2,432.63, down 2.31 points (0.09%), but has since turned upward. In the securities market, institutions are the sole net buyers, purchasing 57.1 billion KRW worth of stocks. Meanwhile, foreigners and individuals are net sellers, offloading 43.2 billion KRW and 11.9 billion KRW respectively.
Most of the top market capitalization stocks are on the rise. LG Energy Solution (0.52%), Samsung Biologics (0.25%), and Samsung SDI (0.28%) are showing strength. The leading stock, Samsung Electronics, is down 0.48 percentage points.
The KOSDAQ is trading at 834.09, up 0.58 points (0.07%) from the previous day. The index started trading at 833.9, up 0.39 points (0.05%), and is hovering around the 830 level. Individuals are the sole net buyers, purchasing 68.3 billion KRW. Conversely, foreigners and institutions are net sellers, offloading 53.6 billion KRW and 11.5 billion KRW respectively.
The KOSDAQ is showing mixed trends. Stocks like Celltrion Healthcare (0.33%) and Celltrion Pharm (0.84%) are rising, while secondary battery-related stocks such as EcoPro BM (-0.67%) and L&F (-0.35%) are weakening.
In the Seoul foreign exchange market today, the KRW-USD exchange rate is trading at 1,296.50 KRW, down 2.30 KRW (0.18%) from the previous day.
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Seosangyoung, a researcher at Mirae Asset Securities, stated in a pre-market report, "The weakness in semiconductors and large tech stocks in the New York stock market is a burden on the domestic market," but added, "Expectations that the U.S. base rate hike will end early and Micron’s gains in the after-hours market are positive factors for the stock market."
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