Summary
- The KOSPI set a new closing record high, with net buying by foreign and institutional investors lifting the index, it said.
- Large caps including Hyundai Motor and other Hyundai Motor Group names as well as Samsung Electronics rose, while KOSDAQ biotech stocks and Alteogen plunged, it said.
- The won-dollar exchange rate fell to 1,471.3 won after President Lee Jae-myung’s remarks about a weaker exchange rate, reflecting expectations for stability in the exchange rate, it added.
Hyundai Motor jumps 14%, Alteogen 'falls' 22%
The KOSPI set a new record high on a closing basis. It fell early in the session as concerns flared over the risk of a U.S.-Europe trade war, but heavy inflows from foreign and institutional investors followed. The won-dollar exchange rate declined after President Lee Jae-myung commented on a weaker exchange rate.
On the 21st, the KOSPI closed at 4,909.93, up 24.18 points (0.49%) from the previous session. It marked a new all-time high on a closing basis. After falling the day before, the KOSPI rebounded in a single session. It slipped as low as 4,807.13 early on, but recovered to regain the 4,900 level.
In the main board market, institutions and foreigners were net buyers of 500.7 billion won and 311.6 billion won, respectively, lifting the index. Retail investors were net sellers of 1.0406 trillion won, unloading shares.
Hyundai Motor Group names including Hyundai Motor (14.61%), Hyundai Mobis (8.09%) and Kia (5%) extended their surge. Hyundai Motor in particular topped 500,000 won for the first time ever. Its market capitalization stands at 112.412 trillion won. The group has remained strong on expectations for its physical AI business after unveiling its next-generation humanoid robot “Atlas.” Hyundai Motor plans to deploy humanoid robots at factories; such robots are expected to deliver cost-cutting benefits as they can work longer and more efficiently than humans.
Other gainers included Samsung Electronics (2.96%), KB Financial Group (2.78%), Samsung C&T (1.01%), SK Square (0.7%) and Hanwha Aerospace (0.46%).
In contrast, Doosan Enerbility (-4.2%), Samsung Biologics (-2.45%), LG Energy Solution (-2.11%), HD Hyundai Heavy Industries (-1.56%), Celltrion (-1.45%) and SK hynix (-0.4%) fell.
The KOSDAQ index ended at 951.29, down 25.08 points (2.57%) from the previous session. It trended lower under pressure from declines in large-cap KOSDAQ names.
Unlike the KOSPI, institutions and foreigners were net sellers in the KOSDAQ market, offloading 702.3 billion won and 405.8 billion won, respectively, dragging the index down. Retail investors were net buyers of 1.1530 trillion won, absorbing supply.
Major KOSDAQ biotech stocks plunged, including Alteogen (-22.35%), Peptron (-13.21%), LigaChem Bio (-12.12%) and ABL Bio (-11.89%). The sharp drop in bellwether Alteogen is seen as reflecting disappointment that the size of its technology-transfer deal fell short of initial expectations.
Earlier, market talk had circulated about the possibility of a multi-trillion-won technology-transfer deal tied to Alteogen’s subcutaneous (SC) formulation conversion technology “ALT-B4.” However, Alteogen disclosed that it signed an agreement with Tesaro, a U.S. GSK subsidiary, totaling 410.0 billion won, including an upfront payment of 29.5 billion won and milestones of 390.5 billion won.
The won-dollar exchange rate closed at 1,471.3 won, down 6.8 won from the previous session. Early in the session it rose as high as 1,481.3 won, the highest level in 17 trading sessions since Dec. 24 last year. Risk appetite for risk assets weakened as concerns over a Trump-driven trade war escalated. U.S. President Donald Trump said he would impose tariffs of 10% from next month’s 1st, and 25% from June 1, on eight European countries that sent troops to Greenland.
However, the exchange rate turned lower after President Lee Jae-myung’s remarks about a decline in the exchange rate. At a New Year press conference that day, Lee said, “According to authorities, they predict that in about one or two months (the exchange rate) will fall to around 1,400 won.” He added, “We will continuously identify available measures and work to ensure the exchange rate stabilizes.”
Jin Young-gi, Hankyung.com reporter young71@hankyung.com
