Summary
- The Kospi was trading slightly lower near the 6,460 level, with foreign investors net sellers of 993.7 billion won on the main board.
- Power-equipment shares including HD Hyundai Electric, Hyosung Heavy Industries and LS Electric surged on soaring electricity demand and expectations for continued earnings growth.
- The Kosdaq jumped more than 1%%, with foreign and institutional investors both net buyers, while paper stocks fell across the board on collusion fines.
Forecast Trend Report by Period
Kosdaq jumps more than 1%
South Korea’s Kospi was trading slightly lower near the 6,460 level on April 24, pausing after a record-setting run. Investor caution grew as military tensions between the US and Iran intensified after talks to end the war failed.
As of 11:13 a.m., the Kospi had fallen 11.9 points, or 0.18%, to 6,463.91. The index opened 0.31% higher and briefly climbed back above 6,500 shortly after the open, before surrendering gains and moving around the flatline. The benchmark finished near 6,470 in the previous session, marking a third straight record close, but trading was more subdued on April 24.
In the main bourse, foreign investors were net sellers of 993.7 billion won. Retail and institutional investors were net buyers of 531.3 billion won and 506.2 billion won, respectively.
Among the Kospi’s largest stocks, Samsung Electronics, SK Hynix, Hyundai Motor, Kia and KB Financial Group declined. LG Energy Solution, SK Square, Doosan Enerbility, Samsung Biologics, HD Hyundai Heavy Industries and Samsung Electro-Mechanics advanced.
Power-equipment shares rallied across the board. HD Hyundai Electric jumped 11.25%, Hyosung Heavy Industries gained 7.8% and LS Electric rose 6.22%. Surging electricity demand has fueled expectations that earnings growth will continue, lifting the sector.
Defense shares also climbed. Hyundai Rotem rose 4.35%, LIG Defense & Aerospace gained 3.52% and Hanwha Aerospace added 2.53%. The gains tracked rising military tensions between the US and Iran over the Strait of Hormuz.
At the same time, the Kosdaq rose 20.36 points, or 1.73%, to 1,194.67. Foreign and institutional investors bought a net 506 billion won and 36.4 billion won, respectively, while retail investors sold a net 523.3 billion won.
Among major Kosdaq names, Alteogen, Leeno Industrial, Samchundang Pharm, ABL Bio, HLB, LigaChem Biosciences, Peptron and EO Technics rose. Ecopro, Ecopro BM and Kolon TissueGene fell.
Paper stocks dropped across the board. Moorim P&P fell 7.81%, Moorim Paper lost 3.32% and Hansol Paper declined 2.52%. Investor sentiment weakened after South Korea’s Fair Trade Commission imposed corrective orders and a combined 338.3 billion won in fines on six printing-paper makers over collusion.
Ko Jung-sam, Hankyung.com reporter jsk@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
