Kospi Jumps 5.42% to 8,930.30 on Institutional Buying, Nears 9,000; Kosdaq Falls Below 900
Summary
- The Kospi closed at 8,930.30, up 5.42%, on institutional buying, setting up another test of the 9,000 mark.
- Large-cap semiconductor shares including Samsung Electronics and SK Hynix, along with the S7 group, led the advance and drove the index higher.
- The Kosdaq tumbled 2.46%, breaking below the 900 level, as retail buying and institutional and foreign selling combined to heighten volatility.
Forecast Trend Report by Period
The Kospi rose to just below the 9,000 mark on June 25 as institutional buying lifted the benchmark, though late-session gains faded after the index briefly climbed above that level.
The Kosdaq fell below 900 as buying became more concentrated in large-cap semiconductor stocks.
The Kospi closed at 8,930.30, up 459.28 points, or 5.42%, from the previous session.
Early in the session, a buy-side sidecar was triggered, temporarily suspending program buy orders. The index briefly topped 9,000 before retreating into the 8,800 range. In the afternoon, concentration in large semiconductor shares intensified, paradoxically giving the rally fresh momentum and pushing the index back above 9,000. Late in the day, however, the market lost steam and finished short of reclaiming the level.
Most of the top 10 stocks by market capitalization rose. The strongest gains came from the so-called S7 names, including Samsung Electronics and SK Hynix, as well as SK Square, whose holdings in the two chipmakers have drawn attention, along with Samsung Life Insurance, Samsung C&T and Samsung Electronics preferred shares.
Samsung Electronics rose 5.29% and SK Hynix surged 13.06%, supported by Micron's stronger-than-expected earnings.
SK Square gained 5.56%, while Samsung Life Insurance and Samsung C&T climbed 3.23% and 7.79%, respectively.
Among the other top-10 stocks, Samsung Biologics was little changed. Hyundai Motor and LG Energy Solution fell 1.18% and 3.69%, respectively.
On the Kospi, institutions were net buyers of 4.2393 trillion won worth of shares, while retail and foreign investors were net sellers of 3.4529 trillion won and 773.6 billion won, respectively.
The Kosdaq closed at 887.81, down 21.50 points, or 2.46%.
On that market, retail investors were net buyers of 233.4 billion won of shares, while institutions and foreign investors were net sellers of 162.4 billion won and 64.4 billion won, respectively.
Most of the Kosdaq's top market-cap stocks fell.
Alteogen rose 0.94%.
Ecopro and Ecopro BM fell 5.57% and 5.29%, respectively.
Among semiconductor materials, parts and equipment stocks, Jusung Engineering tumbled 8.5%, while Wonik IPS and Leeno Industrial gained 2.72% and 4.11%, respectively.
In Seoul foreign-exchange trading, the won fell 2 won, or 0.13%, to 1,544.7 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.