Kospi Nears 6,000 After Foreign Investors Buy More Than 2.7 Trillion Won; SK Hynix Closes Above 1.1 Million Won

Chip Heavyweights Lead Rally as SK Hynix Tops 1.1 Million Won

South Korea’s Kospi touched the 6,000 mark during trading on July 14 before trimming gains to close at the 5,970 level. Hopes for backchannel talks between the US and Iran lifted investor sentiment, while foreign investors were net buyers of more than 2.7 trillion won across cash equities and futures in the stock market.

The Kospi closed at 5,967.75, up 159.75 points, or 2.74%, from the previous session. It rose as high as 6,026.52 during the session but failed to hold the 6,000 level by the close.

Foreign investors led the advance. They bought a net 961.5 billion won of shares on the Kospi market by late in the regular session and purchased 1.7736 trillion won of Kospi 200 futures. Institutional investors bought a net 1.5208 trillion won of cash equities as foreign demand for futures increased. Retail investors sold a net 2.7537 trillion won of shares.

Moves among the largest stocks by market capitalization were mixed.

SK Hynix climbed 6.06% to close at 1.103 million won. It was the first time the stock had risen above 1.1 million won on both an intraday and closing basis. SK Square gained 10.34%.

Samsung Electronics rose 2.74%.

Hyundai Motor and Kia added 2.72% and 1.22%, respectively.

Samsung Biologics fell 0.9%, while Hanwha Aerospace slipped 0.46%, KB Financial Group lost 0.45% and LG Energy Solution declined 0.37%.

The Kosdaq closed at 1,121.88, up 22.04 points, or 2.00%, from the previous day. In that market, retail investors bought a net 142.1 billion won of shares, while institutions and foreign investors sold a net 124 billion won and 40.1 billion won, respectively.

Moves among top Kosdaq stocks by market capitalization were mixed.

HLB stood out with a 7.55% gain, while Kolon TissueGene rose 1.92% and ABL Bio advanced 0.58%.

LigaChem Biosciences fell 4.13%, Samchundang Pharm dropped 1.14% and Alteogen slipped 0.14%.

Rainbow Robotics rose 2.9%, while Leeno Industrial fell 1.59%.

In Seoul’s foreign-exchange market, the won traded at 1,481.30 per dollar, down 1.40 won, or 0.09%, from the previous session.

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