Kospi Rises 2.25% to Record Close of 8,228.70
Summary
- The Kospi closed at 8,228.70, up 2.25%%, marking a record closing high.
- Samsung Electronics, SK Hynix and other chip heavyweights led the advance as foreign and institutional investor flows shifted during the session.
- The Kosdaq fell 3.36%%, while LG Energy Solution tumbled, biotech shares advanced, and the won-dollar exchange rate dropped to 1,500.9 won.
Forecast Trend Report by Period
The Kospi ended at a record closing high on May 27, though it pulled back sharply from its intraday peak.
The benchmark index rose 181.19 points, or 2.25%, to 8,228.70.
It opened 2.42% higher at 8,242.12 and surged enough to trigger a temporary halt on program-buying orders, known as a buy-side sidecar, on the main bourse at about 9:06 a.m. The index climbed as high as 8,457.09 during the session.
Profit-taking accelerated in the afternoon, erasing about half of the day's advance. The Kospi closed below its opening level.
Foreign investors, who had chased Samsung Electronics and SK Hynix earlier in the day, turned into net sellers of cash equities late in the session. They sold a net 111.9 billion won of stocks on the main market, while buying a net 452.9 billion won of Kospi 200 futures. Institutions and retail investors bought a net 443.3 billion won and 17.5 billion won of cash equities, respectively.
Trading among the largest companies by market capitalization was mixed.
Samsung Electronics rose as much as 8.03% to 323,000 won intraday before giving up most of the gain to end 2.68% higher at 307,000 won. Even so, the stock closed above 300,000 won for the first time ever in regular trading.
SK Hynix jumped 9.31%.
The rally in heavyweight chipmakers followed Micron Technology's 19.29% overnight surge in New York and the listing of single-stock leveraged exchange-traded funds tied to Samsung Electronics and SK Hynix. Micron's jump came after UBS sharply raised its target price for the company.
SK Square, whose stake value in SK Hynix came into focus, surged 8.04%.
Samsung Electro-Mechanics rose 3.69%.
Most of the remaining major stocks fell as investor demand concentrated in large semiconductor names.
LG Energy Solution slid 4.01%.
The Kosdaq also suffered from the concentration in investor flows. The index fell 39.39 points, or 3.36%, to close at 1,133.13. Retail investors were net buyers of 715 billion won worth of shares, while foreigners and institutions sold a net 153.5 billion won and 537.2 billion won, respectively.
Among Kosdaq market-cap leaders, biotech stocks outperformed. Alteogen rose 5.75%, Kolon TissueGene added 1.37%, and Peptron gained 6.28%.
Rainbow Robotics fell 5.18%, while Leeno Industrial dropped 7.59%.
In Seoul trading, the won strengthened 6.3 won, or 0.42%, to 1,500.9 per dollar.
Han Kyung-woo, Hankyung.com reporter case@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.
