KOSPI Ends Strongly Steady at 2660 Level on Foreigners' Net Buying

by Jang Hyowon

Published 23 Feb.2024 16:13(KST)

[Image source=Yonhap News]

The KOSPI index closed slightly higher, supported by net buying from foreign investors.

On the 23rd, the KOSPI index closed at 2667.7, up 3.43 points (0.13%) from the previous day. Trading volume was 409.42 million shares, and the trading value was tentatively estimated at 10.1079 trillion won.

By investor type, institutions and individuals net sold 55.1 billion won and 111 billion won respectively, while foreigners net bought 145.5 billion won. Program trading saw net buying of 39 billion won in arbitrage trading and 28.7 billion won in non-arbitrage trading.

The New York stock market surged the previous day due to strong earnings from U.S. semiconductor company Nvidia. The Dow Jones, S&P 500, and Nasdaq indices all closed with gains of 1-2%. Accordingly, the KOSPI index started higher and expanded its gains, supported by net buying from institutions and foreigners. However, before the close, institutions turned to net selling, limiting the index's gains.

Sector performance was mixed. Insurance rose 2.9%, medical precision 2.8%, electric and gas utilities 1.5%, securities 1.5%, textiles and apparel 0.79%, and food and beverages 0.69%. Conversely, the machinery sector fell 1.43%, distribution -1.15%, and chemicals -1.11%.

Most of the top market capitalization stocks rose. Meritz Financial Group increased 9.2% on expectations of enhanced shareholder value, Samsung Life Insurance rose 3.8%, EcoProMati 3.6%, and Hana Financial Group 3.3%. SK Hynix hit a record high since joining the SK Group, highlighted by its supply of HBM memory to Nvidia.

Celltrion, Shinhan Financial Group, KakaoBank, and KT&G also showed strength. On the other hand, Samsung C&T fell 2.5%, LG Chem 1.8%, Samsung SDI 1.6%, and LG Energy Solution 1.5%. Samsung Electronics, Samsung Biologics, and Kia also closed lower.

The KOSDAQ index, which started higher that day, closed lower pressured by net selling from institutions and foreigners. The KOSDAQ index closed at 868.57, down 1.54 points (0.18%) from the previous day. By investor type, institutions and foreigners net sold 136.9 billion won and 89 billion won respectively, while individuals net bought 281.8 billion won.

Most of the top market capitalization stocks on KOSDAQ showed declines. Enchem fell 7.6%, WCP -5.7%, HPSP -4.1%, Dongjin Semichem -3.8%, Rino Industrial and ISC -2.2%. EcoPro BM, EcoPro, and JYP Entertainment also closed weaker. Conversely, Alteogen rose 24.9%, and Samchundang Pharmaceutical, Celltrion Pharm, CJ ENM, and HLB also closed strong.

Meanwhile, in the Seoul foreign exchange market, the won/dollar exchange rate closed at 1331.0 won, up 2.3 won from the previous day.