Samsung Electronics tests the waters for “180,000 won”... KOSPI takes a breather after topping 5,500

KOSPI up in the 2% range amid a surge in Samsung

Foreigners turn to net buying

The KOSPI is climbing sharply, briefly topping the 5,500 mark intraday, driven by a rally in Samsung Electronics, the bellwether semiconductor stock.

According to the Korea Exchange, as of 2:05 p.m. on the 12th, the KOSPI was at 5,482.55, up 128.06 points (2.39%) from the previous day.

The index opened at 5,425.39, up 70.90 points (1.32%) from the prior session, and at one point rose to 5,515.18, consecutively setting records by breaking above 5,400 and 5,500 for the first time ever. It is now trading below 5,500 in a consolidative move.

Early in the session, only retail investors were net buyers, but flows later reversed. Foreign and institutional investors are currently leading on the buy side, purchasing 1.5627 trillion won and 1.4728 trillion won, respectively. Retail investors, meanwhile, are net sellers by 3.1038 trillion won.

Lee Jae-won, a researcher at Shinhan Investment Corp., said, “Foreign and institutional investors have been net buyers of KOSPI spot shares for four consecutive sessions. By taking the baton from retail flows that had supported the downside, they drove the index to fresh highs,” adding, “The main driver was Samsung Electronics, which surged intraday and led the break above 5,500.”

On the main board, heavyweight Samsung Electronics was trading at 177,100 won, up 5.54%. SK hynix rose 2.67% to 883,000 won. Samsung Electronics in particular jumped as high as 179,600 won at one point, setting a new all-time high.

Overnight in New York, U.S. memory chipmaker Micron surged nearly 10%, apparently sharply improving investor sentiment toward the semiconductor sector not only in the U.S. but also in Korea.

At the same time, the Kosdaq was trading at 1,121.18, up 6.31 points (0.57%).

Retail investors alone are net buyers by 199.3 billion won. Foreign and institutional investors are net sellers by 124.5 billion won and 31.7 billion won, respectively.

Heavyweight EcoPro is up in the 1% range. EcoPro BM is also up 2.75%. Samchundang Pharm is up in the 3% range. EO Technics is down more than 3%.

Earlier in the afternoon, financial authorities announced “reform measures for delisting to swiftly and strictly remove insolvent firms.” The centerpiece is a significant tightening of delisting criteria for Kosdaq-listed companies, including placing so-called “penny stocks” with share prices below 1,000 won on the delisting list starting in July.

Shin Min-kyung, Hankyung.com reporter radio@hankyung.com