KOSPI Starts Slightly Lower... Posco Group Stocks Rally
On the 26th, the KOSPI index started off slightly lower.
As of 9:05 AM that day, the KOSPI index stood at 2,630.14, down 6.32 points (0.24%) from the previous trading day. Individual investors were net buyers with 231.4 billion KRW, while foreigners and institutions were net sellers with 227.8 billion KRW and 2 billion KRW respectively.
Among the top market capitalization stocks on the Korea Composite Stock Price Index, POSCO group stocks rose strongly by over 4% together. POSCO Holdings traded up 4.71% at 689,000 KRW, and POSCO Future M rose 4.68% to 626,000 KRW. Samsung Electronics (-0.43%), Samsung Biologics (-1.36%), LG Chem (-0.41%), Samsung SDI (-1.69%), and Hyundai Motor (-0.95%) were weaker.
Han Ji-young, a researcher at Kiwoom Securities, said, "Despite the strong performance of the US stock market, cautious sentiment ahead of the July Federal Open Market Committee (FOMC) meeting scheduled for early tomorrow morning is expected to limit price movements, resulting in a differentiated market by sector." She added, "The recent characteristic of the domestic stock market is the accelerated concentration of demand on certain groups of stocks with a secondary battery theme, which is causing weak demand and price performance in other sectors. This demand concentration, combined with FOMC caution, could intensify, which will be a key point to watch."
At the same time, the KOSDAQ index was trading at 946.73, up 6.77 points (0.72%) from the previous day. Individual and foreign investors were net buyers with 60.9 billion KRW and 32.4 billion KRW respectively, while institutions were net sellers with 79 billion KRW.
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Among the top market capitalization stocks on the KOSDAQ, EcoPro BM surged 10.61% to 511,000 KRW, and EcoPro also rose strongly by 7.04% to 1,384,000 KRW. L&F (2.52%) and POSCO DX (2.13%) were also on the rise. On the other hand, Celltrion Healthcare (-2.07%), JYP Ent. (-3.47%), and HLB (-1.73%) were weaker in early trading.
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