KOSPI Recovers to 2680 Level... KOSDAQ Also Closes Up Over 1%

by Kim Minyoung

Published 08 Mar.2024 17:06(KST)

The KOSPI index closed higher, recovering the 2680 level, driven by strong performance in major semiconductor stocks. This is the first time in about three weeks since the 19th of last month.

On the 8th, the stock market opened with the KOSPI rising more than 30 points from the start. At the Hana Bank dealing room in Myeongdong, Seoul, employees are working while the electronic board displays the KOSPI market status. Photo by Heo Younghan younghan@

On the 8th, the KOSPI index closed at 2680.35, up 32.73 points (1.24%) from the previous day. The index opened at 2676.79, up 29.17 points (1.1%), and during the session, it rose to as high as 2688, approaching the 2690 level. However, gains narrowed in the afternoon, closing near the 2680 level. Foreign investors net bought 181.6 billion KRW, institutions net bought 698.5 billion KRW, while individuals sold 906.5 billion KRW.

Among the top market capitalization stocks, major semiconductor shares led the price gains. SK Hynix rose over 4%, hitting a 52-week high during the session. Samsung Electronics also increased by over 1%.

Samsung Biologics showed a gain of over 5%, and LG Energy Solution (0.75%), Hyundai Motor (1.2%), Kia (1.82%), and Samsung SDI (3.4%) also rose. LG Chem remained flat, while NAVER (-0.53%) and KB Financial Group (-0.42%) declined.

Ji-won Kim, a researcher at KB Securities, analyzed, "Confidence in interest rate cuts is needed, but the dovish remarks by Chairman Powell indicating that the timing is not far off have strengthened risk appetite. The decline in government bond yields and expectations for AI growth led to strength in domestic semiconductor stocks, especially SK Hynix, which surged over 4% breaking through 170,000 KRW, and Samsung Electronics also rose over 1%."

The KOSDAQ index closed at 873.18, up 9.81 points (1.14%) from the previous day. Foreigners and institutions bought 287.5 billion KRW and 4.1 billion KRW respectively, expanding the gains. Individuals sold 296.2 billion KRW net.

Most of the top market capitalization stocks on KOSDAQ closed higher. Notably, HLB surged over 22%. Rainbow Robotics rose over 3%, and Rino Industrial closed up over 5%. Alteogen (3.47%) and Celltrion Pharm (1.61%) also increased. On the other hand, HPSP (-3.69%), Enchem (-7.28%), Hugel (-1.9%), EcoPro BM (-1.4%), and EcoPro (-1.5%) declined.