by Cha Minyoung
Published 12 Mar.2024 16:51(KST)
The KOSPI index showed strong momentum toward the end of the trading session, supported by the strong performance of large-cap stocks including Samsung Electronics.
According to the Korea Exchange on the 12th, the KOSPI index closed at 2,681.81, up 0.83% from the previous trading day. The index started the day with a slight gain and expanded its upward movement toward the close.
By investor type, institutions were net buyers with 508.3 billion KRW. Individuals and foreigners were net sellers, offloading 180.7 billion KRW and 391.7 billion KRW respectively. There were 368 advancing stocks and 496 declining stocks.
By sector, electrical and electronics (1.91%) and steel and metals (1.85%) rose. Insurance (-3.03%), electric and gas utilities (-1.17%), and construction (-0.85%) declined.
Most large-cap stocks rose. Samsung Electronics (1.24%), LG Energy Solution (4.74%), Samsung Biologics (1.20%), Samsung Electronics Preferred (0.64%), Celltrion (1.23%), POSCO Holdings (2.97%), and LG Chem (3.33%) all increased. However, SK Hynix (-0.54%), Hyundai Motor (-0.82%), and Kia (-0.08%) fell.
By individual stock, KB Financial rose 3.54%, hitting a 52-week high. Industrial Bank of Korea (3.30%) and NH Investment & Securities (2.90%) also closed higher. Samsung SDI surged 11.12%. This is believed to reflect the validity of securities analysts’ view that it was the most undervalued among global secondary battery-related stocks.
The KOSDAQ index closed at 889.71, up 13.78 points (1.57%) from the previous trading day. The index started with a slight gain and showed an upward trend similar to the KOSPI.
Individuals were net sellers with 154.6 billion KRW, while foreigners and institutions were net buyers with 120.7 billion KRW and 26.9 billion KRW respectively. There were 734 advancing stocks and 818 declining stocks.
Among the top market cap stocks on KOSDAQ, Alteogen (7.50%), EcoPro BM (6.94%), and EcoPro (5.13%) rose, while Enchem (-4.75%), Rainbow Robotics (-2.08%), and Hugel (-0.82%) declined.
Jinhyuk Kang, a researcher at Shinhan Investment Corp., analyzed, "Although SK Hynix among the major semiconductor stocks declined somewhat today, Samsung Electronics rose significantly, driving the KOSPI’s strength. In the KOSDAQ market, large-cap stocks such as EcoPro BM and EcoPro led the index."
He added, "There were positive factors such as strong performances by M7 and others in the U.S. stock market overnight, and positive news from the domestic industry including investments in new all-solid-state battery technology. Although foreigners were net sellers, they likely showed caution ahead of the February Consumer Price Index (CPI) announcement."
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