by Cha Minyoung
Published 13 Feb.2024 17:03(KST)
On the 13th, the first trading day after the Lunar New Year holiday, both the KOSPI and KOSDAQ indices closed higher, supported by foreign investors' 'buying'.
The KOSPI index closed at 2,649.64, up 29.32 points (1.12%) from the previous session. The index started nearly 1% higher and showed a steady trend throughout the day.
In the KOSPI market, foreigners and institutions each net bought stocks worth 957 billion KRW and 490.1 billion KRW, respectively, while individuals net sold stocks worth 1.4006 trillion KRW.
By sector, significant gains were seen in Electric and Gas Utilities (3.17%), Pharmaceuticals (3.07%), Machinery (2.15%), Electrical and Electronics (1.92%), Telecommunications (1.58%), Manufacturing (1.52%), Securities (1.45%), Large-cap stocks (1.08%), Transportation Equipment (1.08%), and Construction (1.04%).
On the same day, the KOSDAQ index closed at 845.15, up 18.57 points (2.25%) from the previous session, showing a larger increase compared to the KOSPI index.
In the KOSDAQ market, foreigners net bought stocks worth 259.6 billion KRW, while institutions and individuals net sold stocks worth 171 billion KRW and 81.8 billion KRW, respectively.
In the KOSDAQ market, notable gains were seen in Chemicals (5.44%), Semiconductors (4.87%), IT Hardware (4.01%), Telecommunications Equipment (3.85%), Other Services (3.46%), Software (2.71%), Medical Precision Instruments (2.42%), Metals (2.29%), and Manufacturing (2.15%).
Before the domestic market opened that day, the quarterly review results of Morgan Stanley Capital International (MSCI) were announced, causing mixed fortunes for the affected stocks. Newly included stocks were EcoProMarty and Hanjin Kal, while stocks removed were F&F, Hotel Shilla, Hyundai Mipo Dockyard, JYP Ent., and Pearl Abyss.
Joon-ki Cho, a researcher at SK Securities, said, "The KOSPI and KOSDAQ, which resumed trading after the holiday, showed a simultaneous strong performance," adding, "They reflected positive factors that occurred during the holiday period ahead of the U.S. January Consumer Price Index (CPI) announcement scheduled for tonight, showing strength."
He also noted, "Due to the anticipation of major events, intraday index volatility was quite limited compared to recent times, showing a stable pattern," and diagnosed, "Foreigners showed a 'Buy Korea' trend by net buying nearly 2 trillion KRW in KOSPI cash and futures combined."
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