KOSPI ‘holds firm’ despite Greenland turmoil… Rebounds to reclaim 4,900
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Summary
- The KOSPI was reported to have reversed higher and reclaimed the 4,900 level intraday on net buying inflows from foreign investors and institutions.
- Among top market-cap stocks, Hyundai Motor and Kia were said to post strong gains on expectations for their physical AI business.
- As the won-dollar exchange rate fell to 1,471.3 won, President Lee was reported to have forecast it would drop to around 1,400 won in a month or two.
FX rate falls into the 1,470 won range
President Lee: “The exchange rate will likely drop to around 1,400 won in a month or two”
After opening lower, the KOSPI turned higher and at one point during the session regained the 4,900 level, supported by inflows from foreign investors and institutions.
As of 11 a.m. on the 21st, the KOSPI was up 5.73 points (0.12%) from the previous session at 4,891.48. After starting in the 4,800 range, the index slid to as low as 4,807.13 early on. It then trended upward, reversing into positive territory, and rose as high as 4,910.22 around 10:37 a.m.
In the main board market, institutions and foreign investors were net buyers of 301.8 billion won and 272.9 billion won, respectively. Retail investors were net sellers of 646.6 billion won.
Among the largest market-cap stocks, gains in Hyundai Motor (11.27%) and Kia (5.86%) stood out, as expectations grew for their physical AI business after the unveiling of next-generation humanoid “Atlas.” Hyundai Motor plans to deploy humanoids at its plants, where they can work 24 hours a day more efficiently than humans, raising expectations for cost savings.
Korea Electric Power (4.28%), Samsung Electronics (2.75%), SK hynix (0.81%), SK Square (0.59%), and Samsung C&T (0.34%) were also higher.
By contrast, Doosan Enerbility (-3.36%), Celltrion (-2.42%), LG Energy Solution (-2.36%), HD Hyundai Heavy Industries (-2.18%), Samsung Biologics (-1.82%), and Hanwha Aerospace (-1.68%) were in the red.
The KOSDAQ was down 27.95 points (2.86%) from the previous session at 948.42. It traded around the 960 level early on but extended losses and even gave up 950.
On the KOSDAQ, foreign investors and institutions were net sellers of 341.1 billion won and 284.9 billion won, respectively, dragging the index lower. Retail investors were net buyers of 657.9 billion won.
KOSDAQ heavyweight Alteogen (-19.54%) was plunging about 20%. The previous day, Alteogen disclosed that it had signed a contract with Tesaro, a U.S. subsidiary of GSK, worth a total of 410.0 billion won, including an upfront payment of 29.5 billion won and milestones of 390.5 billion won. The decline is seen as reflecting disappointment among investors who had been expecting a trillion-won-scale deal.
ABL Bio (-12.29%), LigaChem Biosciences (-11.76%), Peptron (-9.35%), Kolon TissueGene (-6.2%), Samchundang Pharm (-2.91%), HLB (-2.88%), EcoPro (-2.64%), Caregen (-2.6%), and PharmaResearch (-1.88%) were also lower.
The won-dollar exchange rate, which opened above 1,480 won, was at 1,471.3 won as of 11 a.m. President Lee Jae-myung said at a New Year’s press conference held that day, “According to the relevant authorities responsible, they are forecasting that in about a month or two it will drop to around 1,400 won.” He added, “We will continue to find all possible means to help stabilize the exchange rate.”
Jin Young-gi, Hankyung.com reporter young71@hankyung.com
