KOSPI closes at record 4,990… KOSDAQ nears 1,000-point ‘Cheon-SDAQ’ milestone

Easing trade tensions spur foreign and institutional buying

KOSDAQ biotech shares ‘on fire’

The KOSPI rebounded above the 5,000 level intraday for the first time in a day as U.S.-Europe trade tensions eased amid a softening of controversy over Greenland’s annexation. The KOSDAQ is closing in on the so-called “Cheon-SDAQ” (KOSDAQ 1,000 points) milestone.

On the 23rd, the KOSPI ended up 37.54 points, or 0.76%, from the previous session at 4,990.07. After opening up 0.64%, the index briefly rose as high as the 5,020 level (5,021.13), setting an all-time intraday high, but later reversed lower in the afternoon session, falling short of closing above 5,000.

In New York, major indexes extended a relief rally for a second day as the Greenland annexation dispute abated. U.S. President Donald Trump said the previous day regarding the issue that “we will not use force,” adding that he would “withdraw the tariffs that were to be imposed on major European countries.”

Sentiment was also supported by news that the United States, Ukraine and Russia agreed to hold their first trilateral talks aimed at ending the war.

In the main board market, foreign investors and institutions posted net purchases of KRW 41.7 billion and KRW 515.3 billion, respectively. Retail investors were net sellers by KRW 653.6 billion.

KOSPI heavyweights were mixed. SK hynix (1.59%), Samsung Biologics (1.35%), HD Hyundai Heavy Industries (2.28%), and Doosan Enerbility (3.67%) rose, while Samsung Electronics (-0.13%), Hyundai Motor (-3.59%), and LG Energy Solution (-1.2%) fell.

Kakao Pay surged to its daily upper limit on expectations for legislation to legalize stablecoins. Mirae Asset Securities, Kiwoom Securities, and NH Investment & Securities also jumped as expectations grew that a more active stock market would translate into earnings. Korea Electric Power, which has rallied recently, tumbled in the 7% range on profit-taking.

The KOSDAQ moved closer to the “Cheon-SDAQ” mark. The index gained 23.58 points, or 2.43%, to 993.93. It climbed as high as 998.32 intraday, approaching 1,000 points.

On the KOSDAQ, biotech shares posted sharp gains, including ABL Bio (10.24%), Samchundang Pharm (13.74%), HLB (7.71%), Kolon TissueGene (6.81%), and LigaChem Biosciences (12.32%). Alteogen, the KOSDAQ’s largest stock by market cap, also rebounded 4.73% after a recent slump.

Meanwhile, robot-related shares such as Hurim Robot (-28.93%), Hyundai Movex (-27.62%), and Yujin Robot (-21.41%) plunged as profit-taking emerged.

The won-dollar exchange rate fell. In the Seoul foreign exchange market, the won-dollar rate ended daytime trading at 1,465.8 won, down 4.1 won from the previous session.

Noh Jeong-dong, Hankyung.com reporter dong2@hankyung.com