KOSPI Rises 1% to Recover 2510 Level on Foreign and Institutional 'Buying'

Kospi Surpasses 2510 Level After 4 Trading Days
Kosdaq Rises 2.11% to Recover 830 Level
Won-Dollar Exchange Rate Plummets 18.5 Won

The KOSPI index rose more than 1% as foreigners and institutions both showed net buying dominance, recovering the 2510 level for the first time in four trading days.

On the 8th, the KOSPI index closed at 2,517.85, up 25.78 points (1.03%) from the previous trading day, as dealers were working in the dealing room at the Hana Bank headquarters in Jung-gu, Seoul. On the same day, the KOSDAQ index closed at 830.37, up 17.17 points (2.11%) from the previous trading day. Photo by Kang Jin-hyung aymsdream@

On the 8th, the KOSPI index closed at 2,517.85, up 25.78 points (1.03%) from the previous trading day. The index started trading at 2,510.24, up 18.17 points (0.73%), and even surpassed the 2520 level during the session but gave back some gains to finish in the 2510 range. Individuals were the sole net sellers with approximately 647.4 billion KRW sold, while foreigners and institutions were net buyers with about 203.8 billion KRW and 432.4 billion KRW, respectively.

Among the top market capitalization stocks, POSCO Holdings rose 5.48%, Naver (NAVER) 2.35%, LG Chem 2.13%, Samsung Electronics 1.54%, Kia 1.53%, SK Hynix 1.51%, Samsung SDI 1.47%, Hyundai Motor 1.37%, and LG Energy Solution 0.94%. Samsung Biologics remained flat.

By sector, steel and metals (2.61%), medical precision instruments (2.20%), electrical and electronics (1.43%), and pharmaceuticals (1.42%) showed strength, while electric and gas utilities (-1.33%), construction (-0.37%), food and beverage (-0.25%), telecommunications (-0.21%), and textiles and apparel (-0.17%) recorded weakness.

The KOSDAQ index closed at 830.37, up 17.17 points (2.11%) from the previous session. Individuals were net sellers with about 338.8 billion KRW, while foreigners and institutions were net buyers with approximately 189.4 billion KRW and 201.5 billion KRW, respectively. The KOSDAQ index recovered the 830 level for the first time in six trading days.

Among the top market capitalization stocks, Celltrion Pharm (6.15%), Celltrion Healthcare (5.72%), EcoPro (5.54%), HLB (5.04%), EcoPro BM (3.81%), POSCO DX (3.78%), JYP Ent. (1.40%), L&F (0.91%), and Alteogen (0.68%) rose. HPSP remained flat.

Seokhwan Kim, a researcher at Mirae Asset Securities, explained, "In the U.S. stock market, the Philadelphia Semiconductor Index and Nasdaq closed higher on expectations for new AI products from Google and AMD. The expansion of foreigners' net buying in cash and futures led to a broad rise in large-cap stocks, especially in the semiconductor and internet sectors."

Google's parent company Alphabet unveiled its AI language model 'Gemini.' Gemini is an AI model similar to OpenAI's 'GPT,' and Google stated that it surpasses 'GPT-4,' which is considered one of the best-performing models released so far. AMD officially launched its latest AI chip Instinct MI300 series at an investor event. Among the series, the graphics processing unit (GPU) MI300X is regarded as a rival to Nvidia's H100, which currently leads the AI chip market.

Meanwhile, the USD-KRW exchange rate closed at 1,306.8 KRW, down sharply by 18.5 KRW from the previous day. The Bank of Japan (BOJ) hinted at ending quantitative easing, which strengthened the yen and appeared to exert downward pressure on the exchange rate.

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