Kospi Ends Flat Near 6,470 as Foreign Selling Tops 2.1 Trillion Won; Kosdaq Closes Above 1,200 for First Time Since 2000

South Korea’s benchmark Kospi index ended little changed on April 24, with investors staying on the sidelines amid lingering uncertainty surrounding a possible US-Iran war. The Kosdaq, by contrast, surged more than 2% to close above 1,200 for the first time in 25 years and eight months, lifted by heavy foreign and institutional buying in biotech and semiconductor materials, parts and equipment shares.

The Kospi fell 0.18 point, or 0.0%, to 6,475.63. It opened 0.31% higher and briefly climbed above 6,500 shortly after the open, but quickly turned lower and swung between gains and losses around the unchanged line. After notching record highs for three straight sessions through the previous day, the market saw increased profit-taking. Investor caution also deepened ahead of the weekend as concerns grew over how the Iran conflict might develop.

On the benchmark market, individuals and institutions bought a net 1.5168 trillion won and 634.3 billion won, extending their net-buying streaks to three sessions and two sessions, respectively. Foreign investors sold a net 2.1013 trillion won, marking a third straight session of net selling.

Recent gains in the index fueled profit-taking, while geopolitical risks in the Middle East added downward pressure.

Lee Kyung-min, an analyst at Daishin Securities, said heavy net selling by foreign investors in the cash market was driving a short-term consolidation phase and helping to cool overheating. Caution over the possibility that geopolitical risks could escalate over the weekend also weighed on sentiment, he added.

Among Kospi heavyweights, Hyundai Motor fell 3.57%, Kia dropped 3.16%, Samsung Electronics lost 2.23%, SK Square slipped 0.41%, KB Financial Group edged down 0.38% and SK Hynix fell 0.24%. HD Hyundai Heavy Industries rose 4.68%, Doosan Enerbility gained 3.67%, LG Energy Solution added 3.11%, Hanwha Aerospace advanced 2.67%, Samsung Electro-Mechanics climbed 1.81% and Samsung Biologics rose 0.91%.

Power-equipment shares rallied across the board. HD Hyundai Electric jumped 10.54%, Hyosung Heavy Industries surged 8.69% and LS Electric gained 4.38%. Investors bet the sector’s earnings momentum would continue on the back of an AI-driven boom, according to the investment community.

Cosmetics shares also finished broadly higher. Amorepacific rose 8.85%, d'Alba Global gained 4.58%, PharmaResearch added 4.35%, Kolmar Korea advanced 4.09%, Cosmax climbed 3.89%, APR rose 2.98% and LG H&H gained 2.43%. Sentiment improved after the Health Ministry said more than 1.31 million medical tourists visited dermatology clinics last year.

The Kosdaq jumped 29.53 points, or 2.51%, to 1,203.84. It was the first close above 1,200 since Aug. 4, 2000, when the index ended at 1,238.8 during the dot-com bubble.

Foreign investors and institutions on the Kosdaq bought a net 806.7 billion won and 179.5 billion won, respectively, driving the advance. Individuals alone sold a net 963.8 billion won.

Most major Kosdaq stocks rose, with biotech shares leading the gains. Peptron jumped 10.08%, Samchundang Pharm rose 8.29%, Alteogen gained 3.22%, ABL Bio added 2.41%, Rainbow Robotics rose 2.0%, EcoPro BM climbed 1.22%, Kolon TissueGene gained 0.9% and HLB rose 0.5%. LigaChem Biosciences fell 0.74% and EcoPro slipped 0.38%. Semiconductor materials, parts and equipment shares were also strong, with Jusung Engineering up 6.63%, EO Technics gaining 4.44%, TCK rising 3.53% and ISC adding 2.62%.

In Seoul’s foreign-exchange market, the won closed the daytime session at 1,484.5 per dollar, up 3.5 won from the previous session.

Ko Jung-sam, Hankyung.com reporter, jsk@hankyung.com