Kospi Tops 6,600 Intraday to Fresh Record; Kosdaq Also Hits High

Korea Economic Daily

Summary

The Kospi topped 6,600 intraday and set a fresh intraday record as institutions and foreign investors turned into combined net buyers.
Among large-cap stocks, SK Hynix, SK Square and Samsung Electronics gained, while LG Energy Solution and Hanwha Aerospace declined.
The Kosdaq also hit a new intraday high, led by Rainbow Robotics and biotech stocks, while Lino Industrial slumped after disclosing a planned share sale by its largest shareholder.

Forecast Trend Report by Period

An electronic board displays the Kospi closing level at Hana Bank’s headquarters dealing room in central Seoul on the afternoon of April 21, after the benchmark finished at a record high. Photo: Kim Beom-jun/Korea Economic Daily

South Korea’s Kospi rose above 6,600 in intraday trading, setting another record as foreign investors reversed early selling to become net buyers of both stocks and futures. SK Hynix jumped more than 5% and was approaching 1.3 million won a share.

As of 10:16 a.m. on April 27, the Kospi was up 111.06 points, or 1.72%, at 6,586.69. The index climbed as high as 6,603.01 at about 10:05 a.m., setting a fresh intraday record, before trimming some gains.

Institutions were net buyers of 764.6 billion won of shares on the main board. Foreign investors bought a net 114.2 billion won of cash equities and 534.6 billion won of Kospi 200 futures. Retail investors were net sellers of 868.6 billion won.

Most large-cap stocks were higher.

SK Hynix advanced 5.16% and SK Square jumped 7.59%, while Samsung Electronics rose 1.37%.

LG Energy Solution and Hanwha Aerospace fell 2.91% and 1.23%, respectively.

The Kosdaq index gained 20.68 points, or 1.72%, to 1,224.52. It also touched a fresh intraday high of 1,224.72.

On the Kosdaq market, institutions were net buyers of 90.1 billion won of shares, while foreign and retail investors sold 51 billion won and 32.5 billion won, respectively.

Most of the Kosdaq’s largest stocks were also higher.

Rainbow Robotics soared 13.4%.

Biotech shares were mostly stronger. Alteogen rose 3.93%, Samchundang Pharm gained 7.65%, ABL Bio climbed 8.84%, HLB advanced 3.82% and LigaChem Biosciences added 4.25%.

Lino Industrial slid 14.63% after disclosing plans by its largest shareholder to sell a sizable stake.

In Seoul’s foreign-exchange market, the won traded at 1,476 per dollar, down 0.8 won from the previous session.

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