KOSPI hits 5,600… KOSDAQ takes the baton as buy-sidecar is triggered

Korea Economic Daily

Summary

On the first trading day after the Lunar New Year holiday, both the KOSPI and KOSDAQ surged, with the KOSPI breaking above 5,600 and a buy-sidecar being triggered on the KOSDAQ.
Amid net buying by institutions and foreign investors, the KOSDAQ rose 4.12%, while top market-cap names such as Samsung Electronics, SK hynix, HD Hyundai Heavy Industries and EcoPro showed strength.
In the Seoul foreign-exchange market, the won-dollar exchange rate climbed to KRW 1,451.5 per dollar, trading at KRW 1,451.5 per dollar.

On the first trading day after the Lunar New Year holiday, Feb. 19, both the KOSPI and KOSDAQ are surging. Right after the open, the KOSPI broke above the 5,600 level, and in the KOSDAQ market—where buying by foreigners and institutions piled in—a temporary halt on program buy orders (a buy-sidecar) was triggered.

As of 10:57 a.m., the KOSPI is up 143.16 points (2.6%) from the previous session at 5,650.16. It climbed as high as 5,673.11 intraday, even eyeing the 5,700 level.

Institutions are leading the advance, net buying KRW 431.3 billion worth of shares on the main board. Foreigners and retail investors are net selling KRW 458.5 billion and KRW 51.3 billion, respectively.

Most top market-cap stocks are rising.

Samsung Electronics and SK hynix are up 4.19% and 1.48%, respectively. Intraday, Samsung Electronics topped KRW 190,000 and SK hynix broke above KRW 900,000, though both have pared part of their gains.

SK Square, which holds a stake in SK hynix, is also up 3.23%.

HD Hyundai Heavy Industries is jumping 6.45%, supported by news that an action plan to rebuild the shipbuilding industry was announced in the U.S. Other shipbuilders are also moving higher.

Hyundai Motor is little changed, while Kia is up 2.5%.

Doosan Enerbility is also gaining 2.38%.

The KOSDAQ is up 45.56 points (4.12%) at 1,151.64. Institutions and foreigners are net buying KRW 423.0 billion and KRW 374.9 billion worth of shares, respectively, while retail investors are selling KRW 774.4 billion.

In particular, amid heavy buying by foreigners and institutions, a buy-sidecar was triggered in the KOSDAQ market at around 10:41 a.m.

Most top market-cap stocks on the KOSDAQ are surging.

EcoPro is soaring 11.97%, while EcoPro BM is up 7.6%.

Alteogen and Samchundang Pharm are rising 6.54% and 15.33%, respectively.

Rainbow Robotics is also jumping 8.51%.

In the Seoul foreign-exchange market, the won-dollar exchange rate is trading at KRW 1,451.5 per dollar, up KRW 6.9 (0.48%) from the previous session.

Han Kyung-woo, Hankyung.com reporter case@hankyung.com