KOSPI continues intraday gains…foreign and institutional investors turn to 'net buying'

The KOSPI index continued its intraday rise on Christmas Eve, the 24th. While the unexpected growth in the U.S. economy and hopes for eased U.S.-China trade tensions were reflected, caution over volatility in the won-dollar exchange rate limited the extent of gains.

As of 11:06 a.m. that day, the KOSPI index was up 9.9 points (0.24%) from the previous close at 4127.22, marking a fourth consecutive day of gains.

Foreign and institutional investors, who had been selling early in the session, switched to buying. On the stock market, foreigners and institutions were net buyers of 44.8 billion won and 224.9 billion won respectively, while individual investors were net sellers of 252.8 billion won.

Among the top stocks by market capitalization on the KOSPI, Samsung Electronics, SK Hynix, LG Energy Solution, Hyundai Motor, Kia, and SK Square were rising, while Samsung Biologics, HD Hyundai Heavy Industries, Doosan Enerbility, and Hanwha Aerospace were falling.

Doosan was strong after news that it decided to raise funds using its stake in Doosan Robotics as collateral. This is seen as reflecting the resolution of uncertainty related to financing for the acquisition of SK Siltron.

At the same time, the KOSDAQ index stood at 918.34, down 1.22 points (0.13%) from the previous close. On the KOSDAQ market, foreigners and institutions were net sellers of 52.1 billion won and 41.3 billion won respectively, while individual investors were net buyers of 119.8 billion won.

Among the top market-cap KOSDAQ stocks, Alteogen, Rainbow Robotics, Kolon TissueGene, HLB, Peptron, Samchundang Pharm, and RINO Industrial were falling, while EcoPro BM, EcoPro, ABL Bio, and LIGAChem Bio were rising.

Medical device company LivesMed, which entered the KOSDAQ market that day, showed early gains before turning slightly lower.

The won-dollar exchange rate was 1463.8 won, down 18.2 won from the previous close. The won-dollar rate opened at 1484.9 won that day but plunged more than 20 won at one point intraday following strong verbal intervention by the foreign exchange authorities.

Go Jeong-sam, Hankyung.com reporter jsk@hankyung.com