Kospi Hits Record Above 6,750, Then Trims Gains; Kosdaq Weakens

Korea Economic Daily

Summary

The Kospi broke above 6,750 in early trading to set a fresh record high, then trimmed gains as foreign investors' buying momentum weakened.
In the Kospi market, retail and foreign investors were net buyers while institutions were net sellers, shaping the index's direction.
The Kosdaq fell as foreign and institutional investors remained net sellers, with many top Kosdaq market-cap stocks trading lower.

Forecast Trend Report by Period

The Kospi rose above 6,750 in early trading on April 24 to set a fresh intraday record, then trimmed its gains as foreign buying lost momentum. The benchmark was moving near 6,710 late in the morning.

As of 11:10 a.m., the Kospi was up 24.28 points, or 0.36%, at 6,715.18. The index opened 0.72% higher and quickly climbed above 6,750 to an all-time high before briefly turning negative at about 9:59 a.m. It then fluctuated around flat before turning higher again at about 10:52 a.m. and holding that trend.

In the Kospi market, retail and foreign investors were net buyers of 275.7 billion won and 240.2 billion won, respectively. Institutions were net sellers of 474.1 billion won.

Among the Kospi's largest companies by market value, Samsung Electronics, SK Hynix, SK Square, Hanwha Aerospace, Samsung Biologics, Samsung Electro-Mechanics and KB Financial Group rose, while Hyundai Motor, LG Energy Solution, Doosan Enerbility and Kia fell.

At the same time, the Kosdaq Index fell 7.73 points, or 0.63%, to 1,212.53. Foreigners and institutions were net sellers of 257.4 billion won and 79.6 billion won, respectively, while retail investors were net buyers of 384.0 billion won.

Among the Kosdaq's largest stocks by market capitalization, EcoPro, EcoPro BM, Alteogen, Samchundang Pharm, Kolon TissueGene, HLB, ABL Bio, LigaChem Biosciences and Peptron declined, while Rainbow Robotics and Leeno Industrial rose.

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